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This is the second time that I have read this and I have has time to read other information about 'Peak Oil" and it's potential effects.
What the guy is saying is fundamentally true, he just leaves out a lot of possibilities. In the worst case scenario, we would see oil prices rising rapidly until we quickly reached critical mass. The oil suppliers' inability to fill the oil demand would become of paramount inportance to the military factions in every country and then things would get worse.
For the most part the best case scenario seems to be that oil prices skyrocket to the point that carpooling, motorcycles and scooters become standard travel vehicles. One article suggested the the US alone (world biggest oil consumer) could temporarily change oil demand by switching to 'necessessary' travel and away from 'luxury' travel. The rest of the world would be rocking and reeling from the industrial fallout and the economic situation of the entire world would begin to collapse, but the demand for crude oil would level off.
I feel like there is a much bigger margin of reaction time that the author suggests, but it does make me want to start finding a few hundred extra 50 gallon drums.
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