The issue is that basically, we are reaching "Limits to Growth". This is not the issue that most "Peak Oilers" wrote about. They thought that somehow, we could have a slow downturn, and substitute other types of fuels for oil. Oil prices would keep rising, so we would always have some oil, and subsitutites would be possible.
Instead, our problem is a financial problem that is likely biting within the next couple of years. It has to do with current oil price being too high for governments and the financial system, at the same time that oil price is too low for oil extraction companies. There is no place that the oil price can move to fix the situation.
The high oil prices are leading to government funding problems now. This is why governments keep needing to do Quantitative Easing, to try to stimulate economies and keep interest rates down. It can't continue. If interest rates rise, everything will collapse. Or if oil prices rise, everythihg will collapse.
The peak oil story wasn't really the correct story.