Uh-Oh? Or: Yay!

Most of the Oil Drum staff think that we hit peak oil in 2008:

As oil production declines, countries such as India and China will probably increase focus on ensuring their own future oil supplies. India now has the world's largest refinery complex, ahead of Venezuela, which can process heavy sour crude oil. China has been taking advantage of low oil prices and credit constraints to secure future oil supplies from Russia, Venezuela and Iran. Once global economic growth returns causing increased oil demand, there is a risk that oil importing countries could act aggressively for their own self interests rather than cooperating to manage oil consumption in the context of declining world oil production.

(hat tip: Good)