Oil demand will soon outstrip supply leading to calls for accelerated research into alternative energy sources.
A report on Science Daily says that world oil reserves are at 'a tipping point' as they have been overestimated by about 450 billion barrels.
The maths gaffe has been blamed on political and financial shenanigans from the fuel companies and oil producing nations.
The report also says that efforts to plug the gap in supply using biofuels is 'pie in the sky' as there simply isn't enough suitable land on the planet to service both food and fuel production.
Other methods of extracting oil, such as sucking it out of Canada's vast fields of tar sands, cause so much environmental damage as to render them untenable.
The boffins reckon that hydrogen cells and electric cars will not develop fast enough to stop the rot and that we all need to use energy more efficiently if we don't want to be plunged into a second Dark Age.
The peak oilers are clucking like chickens.