Oil prices set new record highs - and the forecast isn't good for the long term. As demand goes up, and supply goes dowwwwn, all the poor companies relying on the prices of oil, but that don't have any control over them, are going to start feeling it. The wise ones will be factoring it into their acocunts now, cutting back and investigating the alternatives. The stupid ones (and there are a lot of them) will be worrying about how the remaining oil is going to be divided up.
The problem isn't about when oil is going to run out - it's about when the supply/demand battle has a practical impact. When economies can't sustain themselves based on traditional methods, are they going to be left floundering like the RIAA in the face of the Internet? Hell, is the internet going to suffer some damage as a result of harder globalised links?
We have an economy built on oil, but it's clearly going to kill itself under its own rules before oil production itself becomes a problem. Modern civilisation will become the shortest-lived blip in the timeline of the mankind-infested world, and sometimes I wonder if that's such a bad thing.