Peak Oil (peak oil production)

Well this is a HUGE topic. In fact it'll be interesting to see how many responses you get. Personally I believe global oil production will peak, it's just a matter of when. As to what will happen, I think initially oil prices will rocket, causing massive inflation of all goods, and later services. It will totally change everyone's lifestyle as all forms of transport become execssively expensive - I believe that we'll see say 50% of the county losing their jobs or giving up work because it will be too expensive to commute. This and the inflation described earlier will cause a massive economic collapse worldwide that will make the 1930's depression look like a minor recession. Society will crumble and I think mankind will face an exxtremely turbulent time to put it mildly. I just hope pek oil is still someway off. Good topic, thanks for raising it.