Oil Reserves Overstated?

For those of you who are concerned about the state of the world, one of the main issues is the potential or otherwise that the world will run out of Oil, a phenomenon called Peak Oil. 

Only, guess what, in order to avoid frightening the bejeesus out of everyone, the IEA has been distorting the real reserves in the world, so we might even have reached peak oil already.  So the price drop in the last few months, although now reversing, looks likely to have been a blip. 

Damn, as if the economic news wasn't bad enough.