I'll admit to being a newcomer to this idea of peak oil. I have very little in the way of knowledge about it, or the mechanisms and models through which it will work. Here are some questions I have if you dont mind:
1) If this were all going to pan out in the next 5 years, would policy changes not already be hitting the table? Would we not be seing fluctuations in the markets, and serious movement by Oil companies?
2) Do you really think the change will be such a drastic one? It doesn't seem plausible that we go from basically "unlimited" oil, to basically no oil within a matter of 5 years.
With that said, I do believe that PO will have a massive impact on our lives. Is there any way we can respond now, and be on the right end of the table when this happens? Everyone seems to say it would be a good idea to hedge the markets and so forth. If post WWI Germany taught us anything it's that money will be of no value anyhow.