I don't believe the theory of peak oil.
Oil is not a fossil fuel -- it is being continually created deep within the earth. Supply is much greater than we have been led to believe. No danger of running out anytime soon.
That said- -the easy to get oil will run out. They say that in Iraq all you have to do is stick a straw in the ground.
BP was going after really deep oil in the Gulf when they blew the hole.