I find it strange that when peak oil enters the minds of commentators, especially those with a science background, they automatically worry about driving around. Maybe it's to do with the security of any academic tenure.

Here's my summary again: ITAS "it's the assets, stupid".

When a peak is finally recognised (and I don't know if it's happened or not) oil prices will rise, food prices will rise, inflation will rise, interest rates will rise and lots of jobs will be in question. (I wouldn't like to be selling wheat grass juice, or be a teacher in a private school when oil is $155/bbl). The proportion of the household budget spent on petrol, interest and food will increase. Asset prices will start to fall dramatically and lots of people will find they have negative equity in their homes (BTW the sub-prime issues are oil related). That wealth "defect" will flow into the rest of the economy.

Getting to work will be the least of many peoples worries. Having a house or a job will be.

Spot on. Not wanting to sound totally alarmist but we're screwed -- there is no plan B to replace oil (anyone interested should have a look at http://www.lifeaftertheoilcrash.net/Index.html). Government, and by extension us, have allowed development to continue based on the "fact" that oil is and will be cheap and plentiful.

Well it isn't. There needs to be an absolute change in the way we live and its coming whether we like it or not

isn't it interesting how ozzies expect someone else to 'do something'. i expect it comes from growing up on a society where almost everyone can do nothing. what's the use in saying "we must do this or that", when you can do nothing?

pollies will eventually do things: look out for themselves, chiefly by using public money to bribe campaign supporters.

google 'direct democracy arizona' and find out how citizens can do things. we could do that too, but it needs large scale getting off of backsides. prognosis not good.

I look forward to OnLine Opinion publishing more ideas about what can be done about rising fuel prices, as well as sounding alarms.
Most articles going up on opinion e-magazines concentrate on alerting people about problems. We need an equal number about solutions.

It is not allowed to get into general discussions here about what can be done, for example, cutting the production of waste, which uses so much oil, or I would.

Arjay:
As the toll roads go broke the government will take them over.
In the US there is a plan to close one side and install light or heavy rail.

Michael Dwyer:
Spot on the pollies do not want to talk about it.
I sent an email to both major parties.
The Liberal answer was a waffle and the Labour party did not answer.

PeterJH:
You might be right about the debt crisis being peak oil related
but I hope not. I suspect it is rather too soon for that.
It is probably other causes as they are still on good industry figures.

Charger:
Electricity will be the only sure source, or at least the last
source standing. I believe in the long run it will be a mixture of
grid and roll your own.

Ozideas:
Ideas are easy, practical application rather more difficult.
Also the scale of the prblem is so large that individual action that
will affect the whole field is almost impossible.
Thats why the pollies are needed on side.
You can help yourself but it doesn't go far.

A wonderful bunch of ideas, most of them fairly practical, can be found here:

http://www.oilendgame.com/

Reducing oil consumption in the short term will string out supplies, prepare consumers for shortages, and delay the pain resulting from high prices. In the long term there are plenty of alternatives and we will cheerfully use whatever is cheapest.

The Rocky Mountain Institute study liked above is a bit bullish on hydrogen; but really that's the only part of their argument that depends on technology that isn't already practical -- and they deliberately leave it to last in any case. Microturbines, internal-combustion hybrids and battery-electric vehicles can already deliver most of the efficiency improvements they hope to achieve with hydrogen fuel cells.

It is political will (and the "will" of the market) which is lacking today, and which is bound to emerge sooner rather than later. As soon as major governments and companies are prepared to announce peak oil, the efficiency gold rush is on.