No doubt that there is a limited oil supply. But industry will tell you that fields that were once thought depleted can produce again once allowed to "recharge." There are also reserves beyond our wildest dreams in the oceanic strata, though it is far more difficult to harvest. I had professors tell me that we would be out of oil by 2015. They were way off the mark.

Also, the beauty of capitalism will ensure that as the price of oil climbs, so too will the diversity of energy source harvesting. Solar, water, wind, and nuclear have a lot to offer. We're already beginning to see technological and market changes.

The #1 problem is continued population growth which will eventually strip the earth's ability to provide.