I made the following analysis at this link: http://www.theoildrum.com/node/2244#comment-155897

As you say, there are 2 problems here.
1) global warming
2) peak oil

The solution to problem #1 is not as obvious as simply finding a 'sustainable' rate of fossil fuel consumption. I doubt that there exists such a rate of any significance because what ultimately determines the Earth's climate is the cumulative amount of CO2 in the atmosphere. That is, the total amount _not_ sequestered in the ground or water. Since the time scale is hundreds of years, then any rate that would consume all fossil resources within, say, 300 years would end up more or less like consuming them in 30 years. It might give a some extra time, but the end result would be the same. I don't think any rate that we set as a 'sustainable' amount will last over 200 years.

Ultimiately, we need to have as much CO2 sequestered in the ground or water as possible. Clearly, the amount in vegetation is limited. Most CO2 must be sequestered under ground, either in form of coal or waste CO2. We have to set limits on what we can burn and/or how we burn it.

Problem #2 complicates things. Given the tremendous value of liquid fossil fuels, I would say that if we are going to emit CO2, then using oil gives the most punch for the emissions. So, I would write off all crude oil as gone. It will be burned. The stuff is too good.

That leaves coal, tar sands, and oil shale. Since these give less return for cO2 emissions, this is where we need to set limits. Designate areas as 'no mining', or 'carbon-sequestered mining only'.

Natural gas may be in the same boat as oil.

My suggestion would be to ban oil shale globally. Move towards banning tar sands globally. Designate the most envirnomentally sensitve areas as 'no mining' zones. And figure out how much CO2 from the remaining coal must be sequestered.

Of course, nobody suggested that I was onto something. So I found your post to be very affirming.