According to Professor Peter Newman of Curtin University in Australia peak oil has already occurred. The professor thinks that demand now outstrips supply, or would do so if the global recession had not curtailed the demand for oil significantly. He thinks that oil reached its peak (in terms of supply) when its price peaked at $140 a barrel in 2008, and its price then significantly contributed to the recession. Certainly more oil was produced in 2008 that in 2009 and probably there will be less oil produced in 2010.
Eventually economies come out of recession and when they do so the demand for oil will increase as will the demand for all forms of energy and fossil fuel associated with it. As prices rise so shortages will occur and if this happens we shall have to rethink our attitudes towards genuinely clean renewable energy, motor cars and aviation as well as the more frivolous industries.
The fascinating concept, which has not been well explored, is that the global recession was caused not by the greed of the bankers or the foolishness of their speculation, but by peak oil. That is indeed an interesting theory.