No, the peak is that point of the curve where production begins to decline because it no longer makes sense to continue. I always heard it described in terms of EROI. And EROI is not an economic problem. It's an energy problem. If it takes more than one barrel of oil to run the machines to produce a barrel of oil, then it makes no sense to continue extracting. The remaining oil in that well will stay in the ground. Up until that point we can throw cheap money at producers to get them to extract oil despite the costs. That part is economic. But once you pass parity in EROI (or get close enough to it, really) it's not.