Cheap Oil drives the US economy. I work in the Automotive industry and I am amazed at how much money car dealerships make, and how many businesses and other industries stem from this industry. If there's no more oil to power automobiles, then a lot of these businesses will fall, along with the auto industry and all of its billions it generates for the US economy. This is just one example of a major industry that is highly supported by a Capitalist form of economy and once the oil runs out, its all over. But this begs the question; What type of economy will take its place, Trade and Barter?
Maybe trade and barter. Why is it necessary to chose?
I've checked a number of sources on peak oil and much of it is alarmist. While the concept is certainly accurate, the prediction of what will happen seemingly overnight is far fetched in my opinion. I have more confidence in American ingenuity.
I can say I'm glad I live where I do. We are truly blessed to be in the USA even with all it's faults. Check out Matt Savinars web site: http://lifeaftertheoilcrash.net/ for more info along the lines of this book.