KAG,
I have a family member who works in the energy industry...he always chuckles when people bang on about Peak Oil Theory, and I can assure you he is not in denial. He just happens to know the facts.
Like, for the past forty years, the global oil industry has had forty years of oil reserves.
Reserve = an economically exploitable resource.
Resource = an geologically confirmed source.
And guess how many oil reserves exist today...yep...forty years. The clue is the "economically exploitable" bit. There is an abundance of resource and more is being discovered all the time...the problem is the cost of getting at it versus the cost of selling it. Thus the amount of oil in the world is always primarily determined by the cost of a barrel of oil.
When will it run out? I have no idea...and neither do you. Denial has **** all to do with it.