There's an excellent article in the New York Times from Michael Lynch that comprehensively refutes the idea that we should be really worried about reaching, or having already reached, "Peak Oil". That argument is often used to support the idea that we should impose greater green taxes or regulations like the Renewables Obligation and the Emissions Trading Scheme that now make up 14% of average household electricity bills.
The argument is always a bit odd, if the big fear is rising fossil fuel prices why push them up now when we are likely to be better prepared as technology improves over the decades? Michael Lynch makes it pretty clear, though, that the whole thing is a bit of a myth based on misunderstandings about things like oil discovery data.