World oil production has already peaked and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown.Some say that supplies will continue at the present rate until 2030, some say only until 2012. But others claim that in 2005, we already passed the tipping point.
We seem to be very lethargic on making plans for the future loss of oil. The main concern I think, is that there will be less and less (and thus, more and more expensive) plastics, chemicals (including fertilizers) and transport fuels. We can replace local power (solar, wind, tidal) and local transport (electric, hydrogen), but plastics (no current suitable alternatives) fertilizers (for food to feed a growing world population), and fuel (mainly for air travel) will be scarce, and expensive.