I am suprised by the lack of knowledge on this subject in general society.
Peak oil will not only have an enormous economic impact but it will also cause massive amounts of starvation and alot more wars in the sort term. The world can only naturally feed between 1.5 to 2 billion people and at the moment there are around 6.5 billion people in the world and increasing. All commercially used fertilizers are petroleum based. This is alot of desperate people, for every 1 calorie of food eaten today in western civilizations it has taken 10 calories to get it to your plate and this energy is primarily derived from oil.

Every aspect of modern day society has been created and relies heavily on cheap energy. The timing is what is the concerning thing. To have a smooth transition to alternative energies we would have had to start  implementing alternatives around 20 years before peak oil. If peak oil is now we have an enormous problem. But one good thing about peak oil is with every problem lies an opportunity, and there will be fortunes made from it.