The limits to warming?

Futurepundit has an interesting point: If we assume CO₂ emissions from burning fossil fuels are a major contributor to climate change, there may not be enough of these fuels left to increase CO₂ all that much.

Dastardly humans won't be able to fry the world with excessive amounts of fossil fuels burning because we do not have enough fossil fuels left to burn to cause a first class disaster? Mother Gaia wisely limited the amount of fossil fuels she created because she knew her human progeny would wreak disaster if tempted with too much oil and coal to burn? Writing at The Oil Drum CalTech professor Dave Rutledge argues that the mathematical method which petroleum engineer King Hubbard used to predict the date of US oil production peak can also be used to predict how much coal will get burned in the world. Rutledge, Cal Tech Chair for the Division of Engineering and Applied Science, says the UN Intergovernmental Panel on Climate Change (IPCC) models for future climate change assume fossil fuels supplies available to raise atmospheric CO2 which overstate future hydrocarbon burning by a factor of 3 or 4 or more.