There is a great article in The Economist, May 31st - June 6th edition. Pages 79-81 go into the specifics of economic changes that may or may not take place in the coming future, as well as current oil issues.
The article juxtaposes Peak Oilers with Oil Speculator theories. While Peak oilers believe production will decline, Speculators push up the price. Both believe something bad is happening with world oil markets.
Thus far, the article makes claim that increase of oil prices will reduce demand and increase supply. I would say this is a third theory that currently seems to be coming true.
But rising economies are subsidising oil prices, as the article says, and countries like China seem to be causing a greater oil depletion problem. It seems that economic growth is not such a good thing, and making more money means having less oil.