But, if there are local limits, eventually will there be global ones?

I'll leave you to have this argument with yourself, or with someone of the opposite persuasion. I will just point out that, according to the dynamics of depletion, the larger the stock of initial resources, the more new discoveries, the longer the growth loops elude the control loops, and the higher the capital stock and its extraction rate grow, and the earlier, faster and farther will be the economic fall on the back side of the production peak.

— Thinking in Systems by Donella H. Meadows, Diana Wright (Page 65)