Don't forget, much of the continental shelf off the eastern and west coasts of the continental USA has yet to be touched by any oil rig--and geologists estimate there may be HUGE reserves of oil sitting there. And that's not including the continental shelves off the coasts of other continents, and the fact most of Siberia has yet to be explored for oil and natural gas reserves. And finally, developments in growing oil-laden algae on a huge scale could make it a base to make all known motor fuels.
In short, the whole idea of Peak Oil--which has been pronounced as far back as 1911--is total baloney.
Peak oil is not about the amount of oil as much as it is about the cost of procuring it. There will always be oil, but many will be priced on of access to it and it’s products .... unlike the boom years.