Peak oil is variable and depends on the price one wants to pay for the oil. Theoretically there's a lot of oil, but most of that oil is just not economically viable: fields are too small, or it's too costly to extract.
Consider the fracking "revolution": it produces oil in an inefficient way, at much higher cost than say 50 years ago when people just had to drill a hole and oil would flow out for free for many decades.
The high-quality oil wells are often exhausted nowadays and it is very rare to find new fields like those.
What's left for us by our predecessors of the last 100 years, is the less easy oil wells with lower reservers per oil field and lower quality oil.
And in 30 (or maybe a few more) years from now, what's left for our successors is hard-to-access oil with very low quality, like the tar sands and oil shales.
It also takes more energy (oil) to produce the oil, thus creating an ever smaller return.
So... if we throw enough money at it, people can postpone a "peak" for a long time.
The problem with people is, that they're prepared to go a long way to keep things as they are, even if it'll cost a lot (or maybe I should say: even if it kills them). So the danger is, that we could go on for a hundred more years like this and spend a lot of money and resources on extracting ever costlier oil (and with a lot of money I mean trillions of dollars in cumulative investments into a dead-end industry just to postpone the inevitable...).
Just think of the kind of weird things can happen in the future? Things like burning lots of cheap coal to generate the heat/energy to extract oil from tar sands which can then be sold at a premium price on the market. Or maybe they'll build a large hydro-electric plant to supply the energy - instead of using the electricity directly. Or maybe they'll just burn half of the oil they exploit, to exploit more oil. If the next generations are as inventive and determined as us, then anything is possible 
Just think about the way the Chinese mine their coal - with lots of small coal mines, and endless rows of trucks transporting the coal to the cities for the coal plants and for heating in houses. It's done on an amazing scale and somehow it works for them.
Or just think about the potential of coal gasification - deep, inaccessible and even low-quality coal seams suddenly become very interesting. You just dig a deep hole, ignite the coal and use the hot gases to power a generator and there you go: electricity at low cost! Or turn it into liquid fuels. The possibilities for this are almost endless.
http://www.theoildrum.com/node/8184
http://www.kbr.com/newsroom/articles/features/unlocking-the-potential-of-low-rank-coal-reserves/
http://coal.decc.gov.uk/en/coal/cms/publications/mining/gasification/gasification.aspx
Note that fantastic story about Norway... 3 trillion tons of coal reserves...
Why? You continue to presume that CO2 in the atmosphere is somehow a major cause of our climate. CO2 is 0.4% of the air and not a particularly effective greenhouse gas.
I've tried to explain that in the last page. The 0.04% CO2 shares its energy with the other 99.96% of the atmosphere, allowing a lot of captured heat to be stored and allowing an efficient capture of heat.
You shouldn't get distracted by the low percentage... there are plenty of molecules of CO2 around to create an impenetrable "fog" around the earth. And those molecules are not on their own, they don't have to store all that heat by themselves.
That is why the CO2 in our atmosphere is thousands of times more effective than the CO2 in a low-pressure CO2 dominated atmosphere like on Mars (0.6% of the pressure of Earth's atmosphere).