Argue as much as you like but it is a proven fact that right now the ratio of newly discovered oil reserved to the oil consumed during that time period is 1:4 - it used to be 3:1 in 70s... The correct estimate may vary but even the most optimistic ones state it will take more energy to extract oil from future reservours then they contain.
Edited for many mistakes
[ February 12, 2004, 19:57: Message edited by: oleg ]