Peak oil - Fact or fiction?

[Prep Girl]

I think fact, can't see anyone telling us when ( even if they knew) coz that would cause world panic, but if the Saudis are already drilling off shore and the Germans are in the process of building some kind of floating rig being very closely watched my Norway, the price is going up and up , what's to say we've not reached it already and it's now a matter of how much money needs to be spent to drill for what might! be left, , I'm no oil expert but surely they must first find oil to be sure on how much is actually there, but what I would really like to know is, what is oils purpose, why was there so much of it, I'm not wording this very well, if the planet was formed with it, it must need it for some thing, if that's the case how much more of it can we take before it stops doing what it was originally created for, or is that just thick?