Peak oil just means 'easy' oil. Easy to get at
Very true! It also means that it becomes increasingly more difficult and expensive to keep production at current levels (and eventually impossible). Couple this with the rapidly increasing global demand for oil and you understand why oil and oil related prices (food, fertilyzer, etc.) will continue to escalate. Current production of oil/natural gas is about 85 million barrels a day with current global demand being about 87 million barrels per day. Production WILL decline and demand WILL increase. In fact, China alone at its' current rate of oil use will be demanding about 85 million barrels of oil a day within ten years (entire current world production).
The outcome of all of this is that everyone on earth will be effected. We will have to change our life styles and expectancies drastically. Also, all alternative energy rescources (oil shale, tar sands, wind, solar, nuclear, etc.) will need to be exploited in order to help meet global energy demands. If demand is brought under control quickly enough and if energy production is raised quicky enough (this is all a very big IF) then we might just avoid the worldwide famine and starvation of hundreds of million people that some predict. This a a very SERIOUS problem and we do ourselves a disservice if we view it otherwise.