Edit for the down-modders: Our "years of consumption" for oil, which is known oil reserves divided by current usage, has increased pretty constantly since 1920. In 1945 we had about 20 years of consumption left, in 2000 we had about 40. You can find this stat as figure 66 in "The Skeptical Environmentalist" which sites the primary source. "Peak Oil" is an unproven baseless scare-mongering prediction about the future.
It should also be noted that these kind of simplistic doomsday predictions have been going around since at least 1865, when Stanley Jevons predicted that England's coal supplies would run out and torpedo the industrial revolution. He failed to account for the incentive effects of rising coal prices.
But you know what they say about those that do not study history...