Well, there is a true SME on this board who can comment. While waiting for him, I'll throw this out:

1. The logic is sound that if peak oil were reached, the potential for a depression is high. The whole world has been growing its use of oil. However,

2. It's not clear that we've really hit peak oil. Yes the OPEC reserves numbers increased, but the article spins it like those were fictional. But it is well known that technology has improved recovery, and more oil can be obtained. It's not a given that those revised reserve quantities are false.

3. The oil equivalents of natural gas may well be indicative of declining oil, but the point is those equivalents are used for a reason. Oil is very useful, but it isn't magical. There are CNG engines readily available. Few people use oil for heating anymore. They're both hydrocarbons, and it's semantics to say we're leaving an oil-based economy.

4. In response to point 1, there are alternatives to oil, or even hydrocarbons. Doesn't mean that the changeover wouldn't be painful, but it's not clear we should be rioting in the streets (about this anyway).