Oil will never run out - it will just become more and more expensive. And yes - I remember hearing 30 years ago that the oil would run out in 20 years time. Still seems to be plenty around.
Actually, the statement appears to have been misrepresented; they said we would pass peak oil in 20 years time. And we have, in several countries.
Mexico's main oil producer recently said it would be uneconomic to extract the small remaining oil reserves in Mexico in around 7 years time. To all intents and purposes that means the head of Mexico's main oil producer has said 'we're gonna run out of oil here in 7 years'.
Pyoor Kate The Electric Minor Project
The Current Fleet:
1969 Morris 'thou, 4 Door. 2010 Mitsubishi iMiEV. 1920s BSA Pushbike. 1930s Raleigh pushbike.
The Ex-Fleet:
1974 & 1975 Daf 44s, 1975 Enfield 8000 EV, 1989 Yugo 45, 1981 Golf Mk1, 1971 Vauxhall Viva, 1989 MZ ETZ 125, 1989 Volvo Vario 340, 1990, 1996 & 1997 MZ/Kanuni ETZ 251s
Desires:
Trabant 601, Tatra T603, Series II Landy, Moskvitch-401, Vincent HRD Black Shadow, Huge garage, Job in Washington State.