Kevin Drum has completed a five part series on peak oil, available at the Washington Monthly online. Links to each part, and a sentence or two summary, are here. The series is an excellent look at the problem. His prognosis is rosier than the facts warrant, in my opinion, and certainly far more optimistic than the pictures James Kunstler paints on his blog and in his new book, The Long Emergency. However, both Kunstler and Drum pretty much agree on the diagnosis.
(Don't worry. Thanks largely to working class soldiers and the prerogatives of wealth, there will always be enough oil for Bush and the 145,000 ultra rich. We’ll make do with what trickles down.)