Why is runaway global warming a possibility despite all current fossil fuel deposits once having been in the atmosphere?
The largest reservoir of carbon is the rocks (sedimentary rocks) which reach into the order of the million gigatons (Gt). Over millions of years, part of that carbon have been released to the atmosphere by volcanoes. However, the amount of carbon in the atmosphere remains fairly stable because chemical erosion of rocks and plants capture that carbon excess and put it back in the geological reservoir.
There is about 4.700 Gt of fossil fuels, and the Atmosphere contain only 760 Gt of carbon.
So, if we burn all fossil fuels slowly, lets say over many millenia, there is not a problem, plants and erosion will keep the balance.
However, if we burn it quickly, let's say over few centuries, the greenhouse effect can be so strong that can kill many plant ecosystems and rise sea level, therefore reducing the surface area of rocks exposed to chemical weathering. Both effects would reduce the capacity of the system to restore the equilibrium, therefore it could take many millenia before all that carbon is returned to the geological reservoir so that temperatures can return to normal.
An extreme runaway case, like what happened in Venus, is unlikely to happen on Earth, but we don't really know. If temperatures ever reach to the point that oceans boil, then, there is a possibility that Earth might become like Venus forever.