“Peak oil” will certainly become increasingly meaningless (at least from a U.S. perspective) as Obama shuts down our economy.
“The US will be self-sufficient in energy by 2030, with only 1% coming from imports, the company’s analysts predict.” [The Guardian]
Current propaganda around oil and especially US capacity is truly atrocious.
Behind this there is a myth that is really time to debunk : that the first oil shock was due to the “arab embargo”, when it was a direct consequence of US production peak in 1970.
The embargo was a quasi non event in terms of barrels taken out of the market.
And looking at below graph should be sufficient to clear up things :
http://s3.amazonaws.com/greenwala-attachments/production/attachments/22115/large/residential-heating-oil-production-import.jpg?1317752678