Yes fine peak oil is passing/passed but that doesn't mean the demise of the aviation industry. Think about it, aviation could develop so that a more sustainable fuel is used. I am sure most people are aware of the successful biofuel flights made and should this be developed further it could be the main source of fuel in a couple of decades or so. Don't just laugh it off. The situation you are suggesting is that there will be no development in technology; in the history of aviation, technology has developed very rapidly so I think that it will carry on doing so. There will still be tough times ahead due to financial difficulties (which will pass) but I think that the importance of aviation to the world will mean there will be commitment to develop technology to suit the future needs. Who knows this might never happen, although I think it would be suprising if it didn't.