Post #1 and it's repost from hell.
But, I suppose if you brought back a dead topic you would be locked down for that too.
So here goes: Read that site, read most of the docs. There is point / counterpoint to this as well. Russia, for instance, limits it's oil drilling capacity because they believe that oil is continuously churning up from the earth, in a near-endless supply. They do not have the capacity to pump enough to suit themselves indefinately, so they buy from the Arabs who pump and pump until there is nothing left.
Peak oil? Definately. But if you want my full views on this, search the forums. I've typed huge articles on the matter.