Jim, check out www.hubbertpeak.com for a less alarmist perspective. There's a difference between peaking and running out. Prices will definitely rise with Asian demand, but we won't run out of oil while our diesels are still worth rebuilding.

I'd be more concerned about natural gas, which is a closed loop system in North America (currently only four LNG terminals for imports, and virtually impossible to get new ones built). US gas reservoirs are well past peak production, Canadian ones not far behind with increasing diversion to producing oil from domestic tar sands (vs. increasing exports to the US). In the face of declining US production, virtually every new power plant in the last decade is fuelled by gas, along with heat in most new homes. Gas prices spiked in 2002-3, and they're not likely to retreat much going forward.