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Which is funny because logically speaking we draw closer to "peak oil" every day.
Well, yes, but if it's far enough into the future it's kind of irrelevant. We can transition away from oil.
That was a key part of the argument at the time: there is no replacement! At that point, solar was much, much less efficient, wind was very much in the 'early experimental' phase, 'nuclear' was still a dirty word, electric cars were a joke, corn-based hydrogen was still a fresh and embarrassing failure, etc etc. No country at that point had ever grown their GDP without using significantly more oil & coal. The rhetoric was very much that we were stuck with gas cars forever, and everything else was a silly pipe dream.
The world has changed dramatically in the meantime--largely because oil prices started rising so dramatically.