Peak Oil Theory... see
http://en.wikipedia.org/wiki/Peak_oil
Is it valid? I believe so. Is fossil fuel running out? Most certainly. 30 years? Could be, but depends upon many factors. And another nasty problem: political unrest in oil producing nations. It's one thing to have oil, but another to get it when guns are pointed at you.
I think Alberta, Canada's tar (oil) sands projects are going to be worth a mint soon, as Canada is a stable country, and there be plenty of oil in them thar sands that the people want! Extraction costs are going down, so it's becoming economically viable compared to drilling for oil the old fashioned way.
How does it effect pilots (today's and the future)? Well, the bean counters are less likely to want you to fly much beyond econo mode these days. Cost indexes are so important now, whereas when I flew, it was about speed as fuel was much cheaper then...