Is the Earth's oil supply running out?

I posted this earlier in my "Liberals/Conservatives" thread but decided to create a new thread since this is a different topic and I find it interesting:

Do any of you feel the oil supply is in jeopardy of running out? I know it would suck but many people will deserve it. I've talked with people who told me they are anticipating it to happen within the next 5 years. Those people are now riding bicycles and preparing themselves for the disaster...kinda funny. I know a new type of fuel will be discovered eventually...it may take decades though until the earth gives birth to a new Einstein.
 

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