With the scarcity of oil, is it worth the trouble to study petroleum engineering?

I personally believe that petroleum engineering is worthwhile (financially) BECAUSE oil is (relatively) scarce. It is a matter of supply and demand. If demand remains somewhat constant, and supply suffers then price increases. People will continue to use oil for the near future (50 years) and with the modernization of China, India, and Brazil demand will remain strong even if North America and Europe begin to use renewable electricity.