Like the guy said; you don't know what you don't know.
One benefit of having written the PO Primer (What Is PO? on the sidebar) is that I can look at it and have an idea of exactly what I thought the situation was in 2004:
World discovery of oil peaked in the 1960s, and has declined since then. If the 40 year cycle seen in the US holds true for world oil production, that puts global peak oil production, right about now; after which oil becomes less available, and more expensive.
That was my interpretation of "If you can't find it you can drill it" stated in the most diplomatic, moderate language I could manage. That forecast was golden if you split the hair of "oil production" to redefine it as only "flowable crude oil from a conventional, vertical hole drilled into a reservoir." Crude oil from those "conventional wells" has indeed been flat since 2005 because we go to all sorts of trouble to always keep the unconventional liquids separate so we can point to the validity of our prediction.
Back then it was also widely held by peakers that nat gas was on the skids and that would double the effect of peak oil. Gas had been on a plateau all through the nineties and Matt Simmons said we would soon be in a permanent crisis, Boone Pickens bet his first billion on the nat gas peak. This is not talked about much around here. In my mind the gas peak really was a foundational problem even larger than oil, while you can transport yourself by foot motion there isn't a whole bunch of ways to produce electricity manually.
But it turns out that gas didn't peak. In fact fracked wet gas wells (many probably defined as "oil" wells because it is better from a PR/stock market value standpoint) have provided an increasing stream of NGL which are the biggest portion of "the unconventional" oil we all deride as inferior.
I'm going to guess that red area is under-representative of lighter liquids because it is better (again from a stock valuation standpoint) to report in an oil well with lots of gas than to book a gas well with lots of liquids.
My personal assessment around 2002 was that by 2015 oil in excess of $100 would begin to wreck the economy and we would be headed into a permanent depression. That was the timeline of my planning and I acted upon it. It turns out that technology did increase "Liquids" production and in fact did "save" us from peak oil in that period. No need to point out to me all the terrible news and all the "dots" between then and now - the world in 2015 is not the one one I had forecast and definitely not the one predicted by the majority of peak oil experts - let alone the real Doomers.
So what is my point?
Basically that arguing whether technology can or can't save us in the future is the very same as arguing whether or not there is a heaven, you just can't know until you get there. Meantime, the best you can do is plan for anything to happen, including nothing, and live accordingly.
The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
-- Abraham Lincoln, Fragment on Government (July 1, 1854)