Many people believe that the earth's petroleum supply is drying up. The peak-theory is the theory that we have already, or will soon reach the peak of our ability to find and use oil. And once we are done riding out this peak of consumption, our supply is going to go down until it is so depleted that the industrial world as we know it will collapse. Since we have no way of making more oil (and actually don't fully understand where oil comes from) it is fair to say that this will happen one day. The question is when will it happen, and what can we do to prepare for it. Neither of those questions are easy to answer. The fact of the matter is no one really knows how much oil is left in the earth. Some "experts" say that we have another 50 years before we will no longer have enough oil to support ourselves, and others say we have enough to last another 600 years. Normally I would assume the truth would be somewhere in-between, but when it comes down to it people are just guessing. And one guess is as good as another.
http://tonto.eia.doe.gov/dnav/pet/pet_sum_sndw_dcus_nus_w.htm
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