Peak oil came and went. It was acknowledged by the International Energy Agency, the IEA, in their World Energy Outlook 2010 Executive Summary, where on pg. 6 of their report, they write:
Crude oil output reaches an undulating plateau of around 68-69 mb/d by 2020, but never regains it's all time peak of 70 mb/d reached in 2006, while production of natural gas liquids (NGL's) and unconventional oil grows strongly.
When we add unconventional oil output and natural gas liquids to conventional crude oil output, production has not grown much since late 2004.
Something happened from 2004 and onward. These two charts below, one of the food price index and the other of regular gasoline price, speak volumes as to the implications of this peak of world liquid fuel production.
These implications of peak oil are critical to civilization. They are critical to how we grow the physical economy of production and consumption. They are critical to how we can preserve wealth or future buying power of food, energy and all other services, which require energy as well.
The answer to these problems lies in making the necessary investments in the physical economy that gives us tools to be more productive and efficient. It can be as simple as replacing incandescent light bulbs in your home with LED light bulbs that consume far less energy per lumens or light given off. That's your energy flux density. Apply that same concept to how we run our cars, run our factories, run our computers and we'll be just fine with respect to peak oil. It's easier said than done however, so we all must put our thinking caps on and ask ourselves, how can we be more efficient and productive with the same amount of energy we put in or with less energy?