Yeah, I've been hearing that very same estimate for as long as live now. Sounds strange, doesn't it?
A while ago I read an article on spiegel.de (online version of a very reputable german weekly) that we only used about 20 - 30% of all available oil until now. That together with the fact that current methods can't extract more than (I'm not that sure about this number) 50% of the oil in the ground convinces me of the fact that there is absolutely nothing to worry about.
If prices skyrocket it's more due to the fact that brokers let them skyrocket out of greed instead of due to an actual shortage like it was last year in August / September. Sure, the US had an actual shortage, but europe had no problems with oil supply, yet we paid a premium as well.
And those people in the oil industry don't want sky high oil prices either, because then funding for alternative energy sources starts to go up, which means they actually make less money.
I'm not going to lose any sleep over the hubbard's peak just yet.