The PO theory needs no updating, it's the same as it ever was, consumption of a finite resource starts at zero, reaches some maximum level and eventually returns to zero. That's it, everything else is detail.
Energy consumption per capita plateaued in the 80's
(Smil)
Obviously overall use continued to climb as the population increased and globalization increased incomes. If the population curve continues to bend—and the trend of nationalism continues— neither incomes nor total consumption will continue that increase. Even if renewable energy uptake and EV adoption stall, demand will peak along with globalism. That may be good ecologically, not so good for consumerism.
People my age, who were a probably a majority of the Peakers of the oughts, didn't give technology, or the ability of the government to juice the system, enough credit.
That's the problem with making predictions, especially about the future, especially where the profit motive is concerned. Back in the day it was said geology trumps economics. Maybe that's true in the long run but Wile E Coyote nonetheless makes it quite a few feet from the cliff before realizing he's overshot his mark. Other than the terminally obstinate, most acknowledge that extraction will peak at some point. Cornucopians (or the terminally bored) point to the many previous failed predictions and interim peaks as if to say "see, no peak!." But of course past experience is no guarantee of future results—that I haven't died so far doesn't mean I'm immortal, it just means that I'm 65 years closer to death.
Hubbert's simple model used past oil production to predict the the total volume of recoverable hydrocarbons. It presumed no limit to expense, demand, profit, or any other untidy input such as technological advance, fiat money, or pollution. Likewise Campbell/ laherrere, et al proposed the ultimate recoverable was predictable from past discovery, technology, and government/ corporate propaganda— all the while condemning that same as inaccurate and biased.
The entire system is beyond the limit of my brain to comprehend, let alone predict and I'm pretty sure I'm not alone. Really, that is the extent of what I've learned these last 25 years. What I am sure of is that oil is the core of the largest machine in history, a globe spanning web of interconnections that has enabled billions of humans to exist. That basic fact is 98% as true today as 25 years ago. "Replacement" technologies are nowhere near ready to substitute for even a small fraction of that machine. Progress has been made but the blip of inflation we've seen recently is only a glimpse of what will happen as oil constraints hit. If the dramatic strides needed to fashion a new machine continued to be tripped up by the owners of the current system and their legions of political pawns we will all ride the old one into the dirt
Some small amount of "renewable" electricity has been added to the mix and the cost is low enough that a dedicated DIYer can cobbler together enough parts to build a cushion between themselves and the machine. There are alternative means of personal transport as there have always been. The idea we will willingly forego the cheapest, densest relatively low tech energy source before we are forced to is unlikely in my opinion. So I'm still of the opinion that prepping for PO is wise, even if I'm a little long in the tooth for hoeing corn.
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)