There is a saying in the stock market, "Don't panic, but if you are going to panic do it before everyone else." Rather than Peak Oil, think peak oil price. Which trader is going to blink first as he realises he's just paid too much and tries to cut his losses. All of a sudden more and more oil comes onto the market as others follow him in a stampeed to get out and the price plummets.
Asian countries such as Malaysia and Indonesia,are reducing subsidies leading to reduced demand. Airlines particularly in America are grounding older inefficient aircraft. American drivers are finding that they can get by without a V8 5litre turbo charged SUV doing 15mpg. President Bush is on his way out, will his replacement be so friendly with Big Oil ?
The question is when and at what price all this happens.