Unfortunately the facts about peak oil aren't very pretty. The fact that oil has dominated this country and every aspect of life for the past 100 years is going to make it very hard when it the day comes when we really do run out. As it has been stated many times before the US supposedly hit peak oil back in the 70's and according to some people global peak oil already happened sometime back in 2006. So according to some experts what we are witnessing right now is exactly what you would expect in the earliest part of the aftermath and that is rapid rising prices on both oil and food.
Many call this inflation, but it's not regular inflation like in the past. For the first time in this quite brief industrialized society, the stuff that is suppose to keep the wheels on our society is never going to be cheap or easily available again.
What some think may happen is impending food shortages are going to cause chaos and what is lurking just around the corner for the human races has been called the “Great Panic” which is where there will be a futile scramble for all the basic necessities of life as it finally hits the people that they actually might be going to have to face starvation for real.
What caused this is that when oil was cheap the oil companies went only with the easy stuff, taking only the stuff that didn't take much work. This was of course the higher quality as well. Now with peak oil looming what is left behind is a poorer quality of oil that is going to be harder to refine, which is going to make it cost more money to produce and then it's going to again make the prices go up.
Because of the glut for so many years regarding the oil it could mean that this industrialized society is never going to see the possibility of cheap oil again and there is no easy or quick and readily available substitute at this time because the oil companies monopolized the fuel industry. Only outcome might be to return to a pre-industrialized way of life but, even in doing this, during this transition everyone who is unprepared are going to starve.
Even though there are other ways in which we can create energy none of these alternatives are going to be able to take the place of oil. Perhaps if the governments of the world had started many years ago it would be different. As it sits right now even if they do start stepping it up and switching over to other resources it's already too late to avert the disaster the world is heading for due to the peak oil situation.
In short, the ever growing shortage of oil will precipitate a massive and unprecedented complete and total economic meltdown of all industrialized countries.