We did indeed hit "Peak Oil" for conventional oil fields just as predicted. But we started to access new sources of oil to fill the gap. As long as we find new energy sources that are cheaper than oil we will never run out of oil because we can simply make more from other sources. Every form of good energy can be converted into every form of other energy (at some losses). Food can be turned into energy and energy can be turned into food. The big question is if we will develop cheap energy sources quickly enough.

If we don't we will have to reduce consumption considerably and there are several ways to achieve that.