I personally regard the geologic and political aspects of Peak Oil to be beyond dispute. All that means is that the easy, cheap-to-drill oil has been found, that the earth is at, or has already passed, the maximum flow-rate of oil that can be extracted. It is all downhill from here as far as oil production. The U.K. has proven to be a great case study in Peak Oil. Mexico will be the next great case study in Peak Oil and serve as a poster child for the Export Land Model as well as serving as the next great Collapse State. You folks down in the Soutwest - good luck with all that.

Check out the graph from Calculated Risk below and extrapolate the trend in oil sector invesetment. Is that what you expect in a world facing a catastrophic decline in production capability five years hence?

The Peak Oil meme is dystopian, is Malthusian, is catastrophic and, I think, will fit the coming mood to a T.

There are the basic facts

and then there is mood

Mood trumps facts