The graf and summary is at Daily Kos, which then points to the meat of the article.

Here's the basics on Peak Oil.

I wonder though - with the oil that can be extracted from shale, although again NOT cheap at all, in the success of biodiesel in South American (can't find a link right now...), with the ability to harvest "clean coal" in Montana (Note: I'll believe it when I see it), there are alternatives, but  again, the alternatives mean the end of CHEAP oil.