The oil peak is when the the maximum oil extraction rate is reached and production will slow and completely stop when we run out. There are many different predictions out there with many different interests fueling the predictions so I don’t think we can be certain. In 2007, BP said we still had 40 years of oil remaining while scientists of the Oil Depletion Analysis Centre in London said we had 4 years of oil left before reaching peak oil. It’s been 4 years since that statement and there has been no indication of slowing oil extraction so I do not think anybody has a very good estimate.
Many many previous answers. See also http://www.energybulletin.net/
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