"Peak Oil will occur when half of all the oil has been pulled from the ground. After that, oil will become increasingly scarce, and increasingly expensive, over time. When oil becomes expensive the economy goes into recession until it becomes cheap again. Peak Oil means that oil will only get more expensive, forever.
Many people who know what they're talking about think we are at Peak right now."
This succinct description of peak oil and the consequences came from this Adaptation site which also runs a blog, that looks very interesting and practical.
I got onto the Adaption blog via this morning's post on Dave's How to Save the World blog, in which he describes very well, some different views on what will happen in society when the biggest economy in the world eventually declines into the next great depression.
My response to sensing this has been to learn to grow food and help other people do likewise. If you don't have food security, then neither do I. And from what I am reading now, it seems that with logical changes in diet and bio intensive gardening we can grow enough for all of us and in a time frame that will allow us plenty of opportunity to do other things. This is not a descent into some cold dark cave man scenario where we spend all our time "struggling to survive" - it is a sideways step to participation in, and deeper appreciation of, our proper place in the natural world.