What Happened To "Peak Oil?"

http://8020vision.com/2010/09/03/german-military-study-warns-of-potential-energy-crisis/

What happened to 'peak oil'? "For decades, it has been a doomsday scenario....The world's oil production tops out and then starts an inexorable decline — sending costs soaring and forcing nations to lay down strict rationing programs and battle for shrinking reserves. U.S. oil production did peak in the 1970s and sank for decades after, exactly as the theory predicted. But then it did something the theory didn't predict: It started rising again in 2009, and hasn't stopped, thanks to a leap forward in oil-field technology. To the peak-oil adherents, this is just a respite, and decline is inevitable. But a growing tide of oil-industry experts argue that peak oil looks at the situation in the wrong way." Russell Gold in The Wall Street Journal.