The proven oil reserves have steadily increased for the last decade, even as consumption has increased. This means that we are discovering oil faster than we are burning it. The Earth obviously can't have infinite oil, but we don't know how long until we run out, and it's likely well over fifty years from now.
The problem with those is that Someone needs to front the billions to get them pumping - and with the current state of the world it's not guaranteed that they'll get their money back.
It's better for business to raise the price of existing oil production. C-staff gets their bonuses and stocks go up.
