Exactly.

"Peak Oil" is not a matter of "if" but of "when". Personally, I think it's either now or in the very near future.

One also wonders what exactly the impact of peak oil will be. Plenty of nutburgers out there who are acting like it's the end of the world with a rapid decline of civilization. I suspect the ultimate impact will just be slowed global economic expansion (possibly some contraction) as energy becomes more expensive.

Which means far more pain for developing and/or poor countries than for the 1st world ones. However bad it gets in the US, you can be sure it will be much, much worse in the up and coming countries.