The simple logical flaw in GP's argumentation is that it summarizes rather abstract phenomena (human inventions, potential of startups) to compare it against concrete, limited phenomena (oil production). To make that jump, that assumption would have to be proven.
It is only seemingly a flaw. Concrete phenomena and abstract phenomena are in fact the same thing. For abstract phenomena to even exist they must be concrete and thus limited by the concreteness of the physical world.
