I first read about this in 1991. The geologist who pioneered the theory was far more accurate in picking where oil deposits would be based upon his assumptions than fossil-fuel experts were.
Back then I thought for sure it would only be a matter of a few years before we started looking at the fuel situation differently. Unfortunately, we didn't then, we won't now. The idea of a dwindling resource is too vital to modern angst and the deep running anti-capitalism sentiment that has permeated our popular culture and academic institutions.