Peak oil is about the fact that after you remove half or so of the oil from a particular oil well, removing what is left gets very expensive. We aren't running

Peak oil is about the fact that after you remove half or so of the oil from a particular oil well, removing what is left gets very expensive. We aren't running out of oil, but we are unlikely to ever again see oil that is as cheap as it once was. We are running out of cheap oil, and that is game changing. Most reserves have already hit or passed that point. Most oil today is more expensive than it was, say, in the 70s because you have to inject water to force it to the surface and things like that. Just digging a hole and watching it gush skyward from internal pressure is a thing of the past, basically.