Peak oil != running out of oil. Peak oil means that the rate of production is set to go into permanent decline and the price of oil is set to become extremely

Peak oil != running out of oil. Peak oil means that the rate of production is set to go into permanent decline and the price of oil is set to become extremely volatile, as a cyclical wave of super-spikes to kill off demand lead to sharp recessions and a downward grind in material standards of living. We just saw the first iteration of this trend in 2008 and 2009.