The left was right about peak oil. Just for the wrong reasons. People will stop using oil, not because we ran out, but because the alternatives will just be so much better.
I don't think people really understand how much oil is out there. We've got more oil in the Colorado shale formations, than Saudia Arabia does! It is fairly expensive to extract, but its existence means that oil prices will never 'consistently' stay above 100-120$ a barrel for more than a couple years. Nightmare 200$/barrel "peak oil" are just never going to happen.
