We've hit "peak oil"; now comes permanent price volatility

If pricing stays volatile it will force people to innovate away from oil.

If oil prices stay consistently high it will lead to increased production of expensive sources like ultra deep water and oil sands.

In either event world economic growth will hickup and continue on.

If oil prices stay high, alternative energy sources will become cost competitive, but that energy costs will still be expensive.

Maybe, but alternatives include everything including long term trends like people moving to cities to avoid fuel expense.

We've hit "peak oil"; now comes permanent price volatility (arstechnica.com)