Well according to the website, peak oil was passed in the 1970's in the united states , at the precise point where the US had to begin importing oil to supply its economy (ie Supply is greater then Demand.)
The idea is their is more then half the worlds supply of oil left, it just can't be pulled out of the ground fast enough.
The basic premise is that if a 5% oil reduction during the oil embargo in the 70's can cause a 400% increase in price, what will happen as supplies continue to plummet, albeit slowly.
Also oil is used in basically ever industrial process known to man. EVERYTHING uses oil, creating metals and alloys, rubber, plastic, solar panels, wind turbines, all of that needs oil to power the factories that create these products.
Secondly what can we use to replace oil as a high density transportation fuel?
Interesting questions. I never really thought about it's impact on our lives until I read that site. I agree it is a little to doomsdayish for me, but it definately makes you think about the effects it could have on us in the coming years.
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