We will never run out of oil, as it can be synthesized from organic waste (basically just by cooking the crap out of it). Right now it's not really a profitable enterprise in competition with ground based oil, but at some point it will be. And it's carbon neutral (as is everything that doesn't involve digging up basically pure carbon and burning it).

Of course, all of your other points are spot on. It is irresponsible to use such a permanent material for so much disposable stuff.