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Peak Oil is a reality. The question is just how much it will affect us.
Oil is not renewable, these people arguing that are crackpots.
That said, these doomsday predictions are most likely overblown. The wasteful society we live in today simply cannot continue, but that's fine really. The truth is we're so wasteful now that a reduction in energy by 50% or more is absorbable.
Probably electricity is going to be mostly replaced by Nuclear, and transportation is going to become much more difficult than it was, beyond that I doubt it's going to be all that bad.
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