Based on my research, the "peak oil" emergency is over hyped by a media that thrives on crises. While oil reserves are dwindling, and newer finds are smaller, there is still enough oil out there for our petrol hungry civilization to use for many decades to come. The current gas price hikes have nothing to do with crude oil supply, but with refining capacity. No one, especially the US, has built refineries in years. As Asia and China come online needing more and more post refined petrol products like gasoline and heating oil, our DEMAND for REFINED products has caught up with our REFINING CAPACITY (SUPPLY).
I believe that we have several more decades to work out alternative fuels and energy technologies before any oil "emergency" really hits us. Granted, US gasoline prices may never get back down to $1.25 or so, but we are a LONG way from running out of crude oil.
Brandon