All the assumptions underlying the "Peak Oil" theory have been invalided by new technology.
Eventually we'll get there, but not this century...and possibly never if non-petroleum energy sources are developed between now and the end of the century.
Remember, petroleum was the answer to the "Peak Oil" problem of the 1840's & 50's.
We were running out of whale oil...and the solution wasn't more efficient ways to hunt and kill whales (though that did extend the life of the industry by a couple of decades). The solution was an entirely new energy source.
Petroleum will undergo the same transition...and the new recovery technology has bought the world a few additional decades to find that solution...
Eventually we'll get there, but not this century...and possibly never if non-petroleum energy sources are developed between now and the end of the century.
Remember, petroleum was the answer to the "Peak Oil" problem of the 1840's & 50's.
We were running out of whale oil...and the solution wasn't more efficient ways to hunt and kill whales (though that did extend the life of the industry by a couple of decades). The solution was an entirely new energy source.
Petroleum will undergo the same transition...and the new recovery technology has bought the world a few additional decades to find that solution...