Those debates about technological advances and resources go a long, long way back. From the News from 1930 blog:
Pennsylvania oil producers agree to cut oil production 30%. “This makes strange reading for very old-timers recall that as far back as 50 years or more ago the majority believed the oil reserves of Western Pennsylvania would be exhausted in a few years.”
Meanwhile, a month earlier, in Canada:
Canadian government announces a program to develop the Alberta tar sands. Applicants must have the rights to a promising process for mining the oil sands. After receiving a permit experimental work must begin within 60 days and at least $15,000 must be spent within the first year.