I hear waht you say Cem, but I am minded to agree with this statement:
"Peak oil is wrong. We really don't know how much oil there is in most of the oil reservoirs of the world. Oil reservoirs are complex geological structures, and most of the data is in private hands, or in state governments, and they are not particularly forthcoming about how much is there."
"We don't know how much is out there," he said today. "And they tend to be very conservative, these estimates. And technology changes, and that opens up new reserves deep offshore. When I was at Shell, we could only drill into a thousand feet of water. Today, they're drilling into 10,000 feet of water, and 20,000 feet below that."
Environmental futurist Peter Schwartz
Bottom line is "who knows?" 
http://cleantech.com/news/3464/peak-oil-wrong-says-schwartz
Nickbat, there are accepted standards for measurement by the engineers either geologist or petroelum enginners and those standards are accepted within 150 years of production .. I cant easly accept (neither others) those methods are wrong..
The point that this guy is making is that for commerical/strategic (and even taxation) reasons, the data on reserves is not necessarily spot on. The engineers may know it, but the information is sensitive.
Of course it will run out at some point. While I am convinced that there will be alternative energy sources developed, there is every reason to conserve it, but I think panic over peak oil is misplaced at the moment. Interestingly, I have repeatedly come across the phrase "political peak oil". Wonder what that means?
