Yes that's the problem. We're exhausting existing wells, we're not finding much new oil.
We are currently applying a the paradigm of "strength through exhastion" , i.e. the more oil we use from existing sites the better off we are?
Well, the better off we are NOW - but the worse off we will be in 20 years. (Which is the underlying problem.)
What you are missing is that we never were pumping at full capacity from existing wells. We are now, that why production is increasing.
That's one of the claims that people back in 1990 made. And the reason we are increasing capacity is not that we are pumping old conventional wells faster; the reason we are increasing production is that tight oil is now a big source of oil, something nothing believed would happen back in 1990.
there is no solution to the problem and the fact that oil is a limited resource and there is no "something cheaper" to replace it.
Not at $45 a barrel there isn't. At $200 a barrel there are a lot of sources of energy that are cheaper (like tar sands.) At $1000 a barrel, most sources of energy (including nuclear electric) are cheaper.
You are identifying the problem but not offering a solution, other than we're smart and will find something to replace oil. You are neglecting to consider that our entire industry is oil based.
Not neglecting that at all. That's the whole problem.
Solutions -
Changeover to EV's for personal transport, public transport and freight.
Electrification of railways and highways.
Rapid construction of conventional and Gen 4 nuclear reactors to power all that.
Continuing incentives for construction of renewables and BESS.
Pumped hydro storage everywhere it is feasible.
HTGR's for process heat for thermal dissociation of water, cement kilns and aluminum smelting.
Biofuels in areas that are efficient for their production.
Look at the chart and you'll see where we are with production v resources. It's all downhill from now, not sometime in the future.
Well, given that production is increasing and oil prices are dropping, it's not downhill from _here._ If you claim it's downhill at some point in the future that's more believable.
Now you may say that you understand the exponential function, as I did when I saw this statement. But have you actually used this mathematical truth in any calculation of steady growth of something?
Regularly, yes. One thing that people often forget about the exponential function is that it's a mathematical expression, and often does not represent the real world. It's easy to calculate the growth of bacteria on a culture plate, extend that forward in time, and calculate that within three months the bacteria culture will weigh more than the Earth does. But in the real world that growth runs into physical limitations (size of the plate, amount of food.)