I wasn't making an assumption, just speculating. Check the criticism on that Wiki page you referenced. Granted, it's based on an oil executive's comments, but many of those comments are fairly accurate. In fact, the peak oil hypothesis makes several assumptions which I am skeptical of. They assume that there are no major deposits left to be found, leaving only limited small deposits for the future. I'm not sure how he arrives at that assumption, other than wishful thinking.
But I don't believe that we can continue burning oil at a prodigious rate for the next thousand years, either. In fact I support alternative energy sources, if for no other reason than to minimize CO2 emissions and to minimize oil company profits. But telling the oil companies that they can't drill into known deposits then blaming rising prices on shortages is just nuts. Let the oil companies drill, let them build refineries, and then see how much oil is really there.