Rather than the mental image created by the term "Peak Oil", I agree that the decline will be graduated by price increases and alternative sources, although all will be accompanied by a decline in economic activity, which has been driven over the past 50 years by cheap exsomatic energy. Consider the fact that the average American has at his disposal in an energy intensive economy the energy equivalent of 200 male slaves. That is for each and every one of us. We are less than 5% of the world's population, but consume 25% of the planet's resources. Now imagine the Indian and Chinese populations getting anywhere close to our energy consumption or living standards. It is going to take better the 2.5 planet Earths or more! The next 50 years are going to see some wrenching changes in the way we all live.