interpreter, we are not running out, but we are peaking. Supply is stagnant over the past three years, and the bad news for 2008 is that production from Russia (2nd producer in the world) is now in decline. EIA has estimated that demand is 87,2 mb/d for 2008, and supply is approx 86mb/d. This is the reason for $129 oil, and the Goldman & Sachs prediction of $200 oil.
I don't share your religious confidence in the ingenuity of mankind, but I will definitely be watching this space.