Been there done that with this thread: Future of anthracite coal
That chart is probably based on the worst case scnario predictions of this DOE report: http://www.eia.doe.gov/pub/oil_gas/petr ... ply04.html
I wouldn't totally discount it but again that's worse case scnario. The biggest issue about any of these predictions is the oil producing nations of the world keep this data to themselves. The U.S really has no clue how much oil the Saudis have or how their oil fields are doing however the largest one Ghawar has been pumping oil for more than half century, one guesstimate I read said half the recovery they are is water that is pumped into the field to extend its life. What is significant about that is that it's the largest oil filed in the world and provides a significant percentage of the worlds oil supply. Their other oil fields are also up in age. There is alos speculation that they have damaged some of them through ove exploitation.
Bear in mind all the the worlds largest oil field were discovered like 50+ years ago have been exploited since then, new discoveries are trivial compared to them.
Interestingly we were told in 1970 that we were going to run out in 40yrs.
That I believe was based on the research of Dr Hubert also mentioned in the above link, he may have been wrong about the worlds oil supply but that was based on the data he had at the time... He did however correctly predict within a year the decline of the Texas oil fileds in the early 70's. He did that many years before it happened. The long term prediction again becomes really tough, you have new discoveries, new technologies, new data etc.