Here's an interesting news report about peak oil by Al Jazeera English. It seems very credible to me.
According to the experts in the video, we are probably already living in the time of peak oil, but the Saudis keep most of their figures about their oil production secret. Experts in the video say that world oil production will be half of what it is now in 2030. One man also says that "GDPs of foreign countries will decline by the same percentage which oil declines by" which would mean 50%, if I interpreted things correctly.
This is another reason to leave the US. I can't think of another country which has a less sustainable lifestyle than in the US. People hardly ever use public transportation in the US. The US is not at all ready for declining oil production. Even if the US enslaves the whole Middle East, oil production will ultimately decline. I think it's much better to live abroad in places like Europe which are way ahead in terms of public transportation systems and energy conservation.
I don't believe in apocalyptic scenarios, but I feel that the US might slowly become more and more primitive like Mexico as the economy continues to decline.