I just love how often we hear things like this pronouncement from Peter Schwartz, wherein someone dismisses peak oil, usually with the ridiculous "peak oil means no oil" canard, and then explicitly mentions how the cheap oil supplies can no longer meet our demand.

This is precisely what peak oil says! It DOES NOT say that we'll wake up one day to find that all of the oil is gone; it says that we'll exploit the cheapest reserves first, which only makes economic sense, and that eventually (but before we hit the peak) rising demand and the depletion of the cheapest, oldest fields will force us to mix in ever greater amounts of oil that is considerably more expensive and harder to produce in high volume. And that's exactly where we are today.