A rather pessimistic video in which peak oil is predicted to occur in 2008/9. It should be noted that similar predictions have been made before and been wrong, but if no major new oil fields are being found then it's only a matter of time before supply peaks.
As the video points out there are a variety of alternatives and the main question is how quickly economies would be able to transition to these. Ideally the transition away from an oil based economy will be gradual, carefully managed by governments and happen in accordance with traditional market forces - somewhat like the transition from coal to oil or from horse power to steam power. In the worst case scenario powerful vested interests able to strongly influence the world's governments will cling tenaciously to their traditional sources of profit until the last possible moment, resulting in a relatively sudden and economically damaging energy shortage.


