Peak oil theory suggests that the cumulative oil production would reach a peak and start to decline. Many pundits agreed that we are beyond that point. When oil peaked to $140 per bbl, the theory strengthened itself and more speculated that the price would break the $200 barrier.
Since then, oil has plumetted to mid 30's and the father of peak oil theory has also questioned the theory. It's safe to assume that we still have a long way to go before oil becomes a rare commodity.
Meanwhile, Libya might be showing US oil companies the door and announce their intention to nationalize oil.
Also, a note of interest is Tun Mahathir's recent presentation in Sudan on the global economic crisis.