Watch a very cute animation by self-described "eco animator" Anita Sancha. Where most Peak Oilers are pretty dystopian, Anita envisions a bucolic world full of wind power and bicycles, after a rather dramatic crash of our oil-powered vehicles. I hope she is right.
Others are not so optimistic; More on Hubbert's Peak below.
M.King Hubbert, via Energytics
In 1956 M. King Hubbert predicted that oil production would peak in the United States in about 1965 (he was right) and that global production would peak "in about 50 years", or around 2006. It doesn't stop; it just gets harder to find and more expensive to get out of the ground.
Others, like Vancouver planner Rick Balfour, predict dire consequences, including chaos and anarchy. But even King Hubbert himself, according to Wikipedia, "believed that solar power would be a practical renewable energy replacement for fossil fuels, and that nuclear energy in breeder reactors would be able to sustain us for centuries." The man who invented the concept of peak oil was an optimist.