For some reason I could't post a reply in the last thread.
I'm not sure how many actually viewed the video before posting a reply on the Peak Oil theory. I'm guessing several didn't watch it.
With the few alternative energy possibilities, there is nothing being done to replace the oil technology at this time and to "re-tool" everything will take a long time. Peak oil doesn't mean running out of oil, or the wells drying up. As the speaker said, as is, we will be paying much higher prices for oil before we have another economic "hear attack," so that consumption falls to lower the rising costs - works only for a time before the oil spikes again.
IMO, if peak oil is not a conspiracy but a fact, we will see oil in $200 (without hyper-inflation) range rather quickly and our lives as we know it will be greatly affected. If it's a fact, the only thing that can delay spike in oil is a global recession which will only delay the spike in oil prices.