In terms of human history... oil is just a blip on the radar. Is it the most powerful compound TODAY? Probably (aside from maybe air or water lol)
We can all probably agree... in 200 years, nobody will be pumping gallons of gasoline into their vehicles to travel. Petroleum will be replaced at some point in the next few generations. Perhaps by solar, but probably by nano. At some point, scientists WILL be able to turn on a machine that will produce as much oil, gold, electricity, etc as we want.
By 2012 standards, some will think nanotech is silly or impossible. I guess we could show an iphone to someone from the 1960s and watch them shit their pants in disbelief as well. By the time we're all old and in diapers, the iPhone will look like a handcrank washing machine.
Oil is the biggest political and economic commodity of 2012, yes.