Chris Nelder's article: 'Peak oil isn't dead; it just smells that way' is a helpful and relatively recent update on the peak oil discussion.
Since at least 2005 there has been a massive increase in the financial investment to fund production in oil. This has been paid for by higher prices for fuel. The result, however, has been merely a rough global plateau of production in crude oil since that time. Global demand keeps rising as population and expectations rise also. So other forms of liquid fuel (such as ethanol) have been employed to supplement supply. However the energy intensity and the energy return on energy invested (EROEI) of these alternative fuels is significantly lower than for crude oil.
The world, in summation, already has an energy-related transport crisis in the respect that the fuel we use to run our vehicles is now much, much more expensive than it was compared to a decade ago and the prices continue to rise at a faster rate than our incomes do. The result can only be reflected in a lower general standard of living without changes in lifestyle.