The last figure i heard, was that our oil supplies would be nearly depleated by 2015. Hopefully that was a bit off, but then, like you said, if we continue to increase our consumption, it might be dead on. While listening (it was an audiobook) to a book by Michael Moore (Dude, Where's my country?) he pointed out an intersting fact that i had never considered - When the oil runs out, we won't just be out of gasoline, we'll be out of everything made from oil. Most importantly, we'll be out of plastic. And without plastic, we will be in one hell of a bad situation. I personally can't think of anything i have touched today that didn't have plastic in it.
However, as for the hydrogen fuel cells - I've read something critisizing them too, however i disagree. This article (or whatever it was) talked about the idea that it took just as much energy to produce the hydrogen that the fuel cells put out. My question is, so? I don't think the researches on the fuel cell ideas have pointed out what exactly they are yet. Fuel cells are not a way to get cheap or free enegery (people are stuck on oil, with no work involved, etc.. we just screw some Middle East people, and then we get lots of free enegery), but instead, it's more like a battery. The catch is, it's a very high capactiy battery, that takes only as long to charge as it would take to fill your gasoline tank. In my mind, that's all they are. And in that regard, they are a great idea. The problem with using electric power before was that it would take 20 hours to charge your battery, and you'd only get 5 hours of driving out of that. With perfected fuel cells, you can full up your hydrogen tank at a classic-style gas station, and then drive for a week on it, just like we all like.
As for the impact on the environment, i do imagine there would be one.. if i'm not mistaken (and i could be), their only emmission is water vapor.. sounds harmless enough, but if everyone in the US were driving them, that would be a lot of water vapor. Would be nice to see a perpetual rain cloud over a city though, instead of a smog cloud. It would be link London everywhere, heh.
Either way, alternate fules do need to be implimented, and fast.