Is peak oil real? Of course. It is running out: a billion barrels every two weeks. It is not being made. The price will go higher.
But this does not mean the end of the world. At some price — much higher — there will be alternatives. One of them is natural gas. Its use will increase. It is a clean substitute for coal. But coal will do well, too. And in China, nuclear power.
The environmentalists hate natural gas. Why? Because it will keep the free market economy expanding.
There is a boom on in North Dakota: gas and oil. The natural gas boom is not a bubble. It is the real deal. It will climb in price after the next recession, and it will not come down until the recession after the next one.
Energy is going to get more expensive. Plan for this.