You have probably seen that natural gas is also part of the Peak Oil theory, as is coal. They will all peak, but not at the same time. Natural gas production will peak later than oil, coal production quite a bit later still. Coal is headed up, too. Oil is peaking now or already has, the price increase meaning we are past the easy oil peak.
It's been reported that U.S. oil refineries are operating at capacity, and that no new refineries have been built in years.
Yes, I know, there are lots of regulations. But I wonder if the oil industry, quite prudently, isn't well aware that oil is a dead end? After all, it would be dreadfully irresponsible to spend lots of money on a new refinery if the additional capacity wouldn't be needed.