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Well there are probably many ways to debunk it. My favorite is through markets. This guy doesn't understand how markets work and how they smooth out even the worst problems like this.
Standard supply curve stuff applies. If the supply goes down, the price will increase. Demand will decrease. Then a smaller supply is needed from there on out...
Markets apply in spades. There are futures markets in oil where you can buy barrels of oil next year with the money you have now. If your business depends on oil, you can smooth out your own risk by buying futures contracts now. Or you could buy half of your oil in futures contracts and half on delivery or something. I don't really know all the mechanics of it, but I know it's done.
If there really is a sea change in the supply of oil, it will change so many different things first, before it's even noticed by anyone. I imagine the futures market drives exploration which smooths out this problem. It would also affect how alternative sources are used and how they're managed. I've heard that shale becomes instantly interesting if the price of oil doubles, and how that's a ceiling on the price of oil.
It would also change how we feel about conservation; if the price of gas doubled, like the 70s we would quickly head back to the dealership and turn in our minivans for Mini Coopers. We'd go through a messy time while we made the transition to some new approach. And then we'd find our feet again, and eventually power our cars with hydrogren generated by nukes at night or something. And press for more Segway lanes downtown.
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