The Peak Energy blog had a post I've been meaning to link to on a Hubbert's Peak in action in terms of what happened with whale oil.
The lesson: As a Hubbert type peak manifests, prices swing fairly violently up and down, within the context of a rising trend.
There's an unfortunate kicker: Whale oil had a lot of uses, but crude oil is much more entrenched in our way of life. And whale oil was starting to get scarce just as coal oil and fuel oil were rising as worthy substitutes that proved far more reliable and plentiful.
Are we gonna get that lucky again?
[I'm sure the whales are hoping so!]
If we don't get lucky, what could happen? Oil prices up 10x like MOS2? Maybe.
[The original post was really the last one above from Daily Kos, but I like the additional graphic Peak Energy added.]