I recently saw an analysis that showed that worldwide oil/gas production would top out about 2010-2012, then start dropping off pretty rapidly.
Further, this same analysis then went on the show worldwide production per capita, which given the exponentially expanding population, topped out about right now! However, since most of this population growth is in poor 3rd world countries, the industrialized nations will probably not see any evidence of shrinking gas supplies for the next few years at least. (Too bad IMHO).
Of course, we can argue about the data til the cows come home, but one thing is for certain. We will eventually tap out the world's supply of oil. About that, there is not debate. The only question is when.
Dave