Peak oil theory is a myth perpetrated by oil lobbyists to gouge prices. Internal memos obtained from Chevron, Mobile and Texaco have proven this. CAFE standards while a good idea are still rooted in a woefully inadequate baseline. It needs to be raised tenfold in order to be effective. We certainly need more refineries to be built in order to up capacity. There are an estimated one trillion barrels of oil yet to be tapped under the sand box so a bit of an ample supply is out there, albeit under areas highly vulnetrable to volatility. Russia, although the second biggest exporter recently behind the Saudis is about to tap out, along with Nigeria, Chad and Venezuela. Their oil discoveries are quickly becoming a flash in the pan. No staying power with availability.
EAHINC, very intelligent post.