Peak oil IS already here; world oil peaked in about 2008 ! US DOD will be off of oil by 2040; why that date ? They know all world oil runs out then ! While there are sustainable man made bio fuels, there is no net biomass to turn into oil, and natural processes take millions of year to turn algae into fossil fuels.
The only ones who still think new oil is being created work for big oil companies - and even they are going to renewable power as soon as they can.