The real story here isn’t the story on the Watts Up With That page, it’s the comments. The story itself says: zOMG PEAK OIL!!!1!
Then comes the comment section in which people who seem to know what they are talking about point out that the Peak Oil theory is, and has been, bad science.
My take: Peak Oil is a myth and we need not legislate by it…but I also think we should be going nuclear while oil is still easy to get. And for crying out loud recycle the spent fuel!