The definition of peak oil, depending on who you ask, is
slightly different; some say it is the last point when our demand
for fossil fuels is met by oil production, while others define it
as the time when maximum global oil production is reached, and
declines hereafter. Regardless of semantics, the theory of peak oil
basically states that at our current, rapidly expanding rate of oil
consumption, we will reach a point in time when oil production will
no longer meet our needs. Those who believe in peak oil theory will
state that, either we are approaching peak oil (in the next 10, 15,
or 20 years), or we are already at the point of peak oil. After the
point of peak oil, because supply is not meeting demand, there will
be accelerated hikes in gas prices (and since most food and product
manufacturing requires oil), there will be hyperinflation in the
economy.