As I understand, "peak" is not just the supply-side phenomenon, but above all, the demand-side one. You may have a peak effect when supply grows slower than demand.
The current peak argument, as I read it, is not that supplies are dwindling but that growth in demand outpaces growth in supply. It makes perfect sense when you consider economic growth around the world. In the past, the main oil consumers were the US and a few Western European countries. Right now there are also India, China, and Eastern Europe. The net effect of that change is that even a moderate change of demand growth rate can produce huge changes in the quantities demanded.
A more interesting, imho, issue is the effect, if any, of the weakening dollar on oil prices. It seams that the dollar-denominated oil prices are declining in real terms, as the dollar weakens. So it may be only the matter of time when the producer will switch to the Euro to shore up their dwindling profits, no? Since the US is, on balance, a major oil importer, that should send the gas prices at the pump through the roof, say, $5+ per gallon, no? I would to LOVE to see that happening.
Wojtek