While watching Downton Abbey last night I thought of a great metaphor for peak oil. Let's say you are an old aristocratic family like the Granthams. You are getting less and less income from your land and village, so you start to sell antiques and land to finance the lifestyle you are accustomed to. You are selling your legacy to keep it all going. It works for a while, but eventually you run out of things to sell, and then the whole thing falls down.
The metaphor is for peak oil. We hit a peak of conventional oil around 2005, and since then we have been using our legacy to support the extraction of tight oil, deepwater and fracking. The only way this stuff works is if we have the EROEI of conventional oil in order to support them. We are going to see a sharp downslope when the peak of all oil sources comes. That might be happening in the very near future. Gail Tverberg thinks it may be next year.