The problem about hte cost vs oil price theories is that in order for such a model to work you need to have an incredibly expensive oil.
That means that while oil itself is not going to end, cheap oil is going to finish, period.
It might become a resouce only used by industries instead of individuals (petrol moved cars), and still, that will cause a massive headache since many other industries also depends on the petrol. End of the cheap petrol will probably mean the end of affordable computers, cheap pesticides (hello new food crysis), and cheap medicines. The oil peak is truthly the test of time that will show what is our civilization made of, and a problem which people should be more concerned about.