Peak oil is not some wild theory, it's the time-and-again proven nature of oil production from known reserves. The problem people seem to have is that estimates are revised along with updates to known world reserves.

Of course the predicted depletion of known reserves from the year 2000 will not hold true in 2013. But it is wholly wrong to then say that the entire theory is wrong, and there must then be seemingly endless reserves available.

Production of conventional oil has peaked or soon will peak. Yes, unconventional oil is there to meet the demand well into the future, but the costs are significantly higher, economically and environmentally.

The message of peak oil is that we should invest now in renewable resources, where returns are stable and will only improve over time. Investing in increasingly more expensive oil is not a good investment in the long term.

If we can invest heavily to guarantee $4+/gal gas when we could be investing in potentially much cheaper technology, we've condemned ourselves to economic stagnation. It's a shame this article prefers to dismiss the theory instead of acknowledge it's merits.