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I went to a lecture on this the other day by a Swedish professor. Current estimates are that the petrolleum industry will be in its final production decline within the next five years.

At todays prices, projected demand will outstrip supply by approximatley the same amount as current production by about 2030. (obviously demand will always = supply, it's just the price that changes) Ironically, the sooner the price goes up, the better off we will all be cos it might buy us a bit more time to find alternatives. The evil cartel, OPEC that has been restricting supply and forcing the price up has bought us about 10 years already (due to reduced consumption over what it would have been with an open supply market) and has made the yanks use more of their own reserves, so they will be dependant on the middle east during the end game mid way through this century.