Peak Oil does not say we are running short of oil in the ground. We are running short of cheap, easy oil in the ground. Under the best circumstances we have 12-1/2 years before we fly off the cliff. If the Arabs go nuts, our time would be shortened.
Sorry, but that is simply bullshit. I'm from an oil-producing state, my sister-in-law is a petroleum geologist, and my wife taught petroleum engineering, so I have at least a passing familiarity with the industry. Add to that the fact that my current business partner spent his whole career at Shell. NONE of them agree with your "Peak Oil" position. The HUGE advances in oil seismic location and drilling technology makes the supply of "cheap, easy" oil larger than ever. Directional drilling alone is making it possible to recover large amounts of oil from "already explored" territories for LOWER cost. There are VAST areas of the world that have not ever even been SURVEYED for oil, muxh less produced.
Of course, that won't happen as long as the Saudi's can produce oil for a dollar or two a barrel and sell it for $43 dollars. They can drive anyone with higher operating costs out of business in short order.