Once more from The Oil Drum, Peak Oil called for 60% of the world's producers. At this point I fail to see how we can expect any fossil fuels we dredge up out of the Arctic, Canada, or elsewhere to compensate for the ongoing decline in the clear majority of producing countries.
Gail the Actuary makes a pertinent point here. The Reader's Digest condensed version:
But credit can only keep expanding as long as oil production keeps expanding and (as a consequence) the economy keeps expanding. When credit collapses, demand drops, price drops, and production drops.
My brother is losing his job because the bank refuses to finance the operation of his employer, something they had done before. Now, they are changing the rules and tightening the screws, and people are losing their jobs. People can't buy what they don't have money for, and right now their money is going to the essentials, if they can afford them.
I think we are finally moving on to the downslope, all that remains to be seen is how steep it really may be.