I found this story in the New York Times archive, published on June 20th, 1920!:

[A] consumption curve that rises faster than a production curve is the graphic signal of danger ahead: the heavy draft now being made upon our accumulated stores of oil - more than 10 per cent. gone in nine months - tells the story that we are living beyond our means; and it all leads up to ask ourselves, in this day of apparent plenty, where will our children get the oil they need?

So we had about 88 years of warning but nobody has bothered to do anything about it yet.

It’s also interesting to wonder: if we were living beyond our means in 1920, how much will we have to undo to return to a sustainable lifestyle?