Somewhat different issue, but I've said this before: the whole problem of the peak oil theorists was that they were making predictions about a resource that we have never really had a good estimate of. I think it is pretty clear that there was always more oil than we thought, possibly much more.
There is an oil field in the United States that should have run dry several times already based on successive estimates of how much was left made since the 19th Century!
It's still producing and showing no signs yet of running out and it's not an isolated case. Fully two thirds of all possible oil-bearing strata have not been surveyed with modern geological methods according to an article in Scientific American published within the last year.