They've been talking about peak oil since the late 1950s, and just about every single prediction about it has been wrong. I got caught up in the hype about it 5-10 years ago, and it took a while before I realized it was mostly a garden variety doomsday cult. [Yes there is such a thing as peak oil, and we may have even already hit it, but it's not going to destroy civilization as some have loudly declared.]

Gasoline consumption is not going up the way it used to, and there apparently is a whole lot more oil than a lot of people thought-- I'm guessing due to a combination of countries not providing correct numbers (it's a national security issue after all), new oilfield discoveries and new extraction techniques. Add in more efficient vehicles and alternative energy sources, and you quickly realize the worst that's going to happen is some gradually increased prices for products & services most closely tied to the current cost of fuel.