That seems to be the subject of a few recent articles:
What If We Never Run Out of Oil (The Atlantic)
The Deluge: We Are Entering a New Era of Fossil Fuels (Pacific Standard)
And Matt Yglesias, of all people, supplies a useful corrective:
Long story short, we're in nothing like the peak oil nightmare that a naive forward projection of the 2003-08 hockey stick would have led you to expect. But we've hardly conquered oil scarcity either. New discoveries are having trouble keeping pace with rising car ownership in Asia and declining production from many established oil sources. Meanwhile, unconventional oil is coming onto the market in part because oil is scarce and expensive, which makes it profitable to extract hard-to-extract oil. That's better for the economy than if we didn't find any, but it also means we haven't returned to the 1990s oil bounty and most likely never will.
Natural Resource Scarcity Is A Real Thing (Slate) See also - Oil Supply and Demand to 2025 (Early Warning). I'm a little wary of listening to some of the major Peak Oil pundits as they have invested so much into the concept that they will defend it at all costs to avoid looking foolish. I think the reality is, we really do have a serious situation on our hands. The very fact that we are fracking and planning tar sands pipelines seems to me incontrovertible proof that Peak Oil is real and happening. The major questions are, is there enough "nonconventional oil" to offset the loss of conventional fields and keep growth going, and what effects will this have on the climate.
I think two things are hurting the optimists, though. We need to continue growing exponentially in the developing world as well to keep the capitalism Ponzi scheme running, and the new sources of fuel are more expensive (remember EROEI). But I don't think the shelves will be empty of food and taps running dry of water anytime soon. It seems like economic disintegration means we'll be living sub-third world lifestyles even if there is plenty of oil and natural gas for the time being. And besides, even if there are enough futile dodges to put off the day of reckoning, that day will still come.