Peak oil is real and will affect us all at some point in our lifetimes, unless something drastically changes. You won't have to believe in it to have an affect on your everyday life.
This topic has been beat to death, but I will leave it with a few parting words. China and India's thirst for crude will outstrip the worlds supply rather quickly, maybe decades. It doesn't matter if the world output of crude remains constant, which it won't, because if either of those countries continue to grow into major oil importers like Europe or the U.S.A. then they alone will use up the world's supply.
We use oil for more than a transportation fuel, it's uses are all around us. We could not feed this country let alone the rest of the world without it's assistance in industrialized agriculture. That's the keep you up at night moment...
I have seen the briefs first hand and it's not pretty even with all the rosy assumptions built into the models, e.g slow growth for China and India, new major oil reserves found, and my favorite year after year of energy efficiency for everything from home to your car. The models from the major oil companies do not speak of oil, but rather BTU of energy produced and consumed. They are taking into account every energy source we have today, nuclear, wind, natural gas, etc..
With all the rosy predictions the world demand outpaces supply sometime between 2025-2040 depending on who's model is used.
Now, do you really think it is time to cut defense spending or increase it?