The paper presents the comparative analysis of the points of view on the exhaustion and inexhaustibility of oil and gas, the theory of "Peak of Oil", the supply and demand relations in the oil and gas industry, the hypotheses of the origin of these natural resources, the interdependence between the economic situation and oil production, possible obstacles and conditions of competition in development of oil and gas industry. Based on the analysis, conclusions were drawn regarding the low probability of depletion of oil and gas resources in the coming decades and about new priority factors that will affect the volume of their extraction and technology of use. By analogy with the history of the development of the coal industry, a forecast is made about the duration of a stable period of development of the oil and gas industry over the next 35-40 years.