I wrote a blog post about peak oil a couple of years ago:
http://gavinthink.blogspot.com/2008/04/peak-oil-more-like-speed-bump-really.html
I still believe my conclusion: we'll be fine. We'll use less oil and more of something else. After all we survived Peak Whale Oil (you know, whale oil, that essential commodity that was so great for high-tech oil lanterns).