Our global economic system is dependent on a growing energy, and most importantly, oil supply.
Without growth in energy, the money supply can not grow (for long), which leads to a situation where the money supply stops growing, leading to economic recession.
When the USA hit its peak oil production in 1970, there were a series of economic impacts, including recession, abandoning the gold standand, high unemployment, and high inflation.
Global peak oil extraction appears to have happened in the 2005-2008 time frame, and had a large contributing effect on stressing the global economic system to the verge of collapse. The run up in gas gasoline prices during that same era impacted the economic system severely.
The US Government and many others have examined the global peak oil issue and have come to the sobering conclusion that severe economic impacts are inevitable, and we are unprepared.
Future oil prices may be driven up by the stagnant or declining supply, and then collapsing down as economic dislocation occurs.
This is the second part of a 30 minute talk by Aaron Wissner about our Local Future.
Duration : 0:10:5
Chapter 17a – Peak Oil (1 of 2): Energy is the lifeblood of any economy and a steady supply of energy is necessary to maintain the status quo, while an ever-increasing supply is needed to grow an economy. In this chapter, Dr. Chris Martenson explains that Peak Oil is not a theory, rather it is a description of how oil production increases over time, reaches a peak, then declines. Evidence points to a global production peak in the near future, which is troubling since the U.S. imports two-thirds of its oil and relies on it to much of its transportation and food production needs. 
Features Richard Heinberg, Matthew Simmons, Roscoe Bartlett & David Goodstein
Peak oil is coming, but how can you be sure that it is actually going to happen? It only takes one fact to prove it: petroleum (oil) is a non-renewable limited resource.
Chapter 17a – Peak Oil (2 of 2): Energy is the lifeblood of any economy and a steady supply of energy is necessary to maintain the status quo, while an ever-increasing supply is needed to grow an economy. In this chapter, Dr. Chris Martenson explains that Peak Oil is not a theory, rather it is a description of how oil production increases over time, reaches a peak, then declines. Evidence points to a global production peak in the near future, which is troubling since the U.S. imports two-thirds of its oil and relies on it to much of its transportation and food production needs. 
We’ve already burned through almost half the world’s supply of oil. How will we ride out the slide down the other side of Hubbert’s Curve? For more information, go to: http://thefuelfilm.com/ , http://www.chrismartenson.com/crashcourse , and
We are entering the Peak Oil era. The growth of oil production is slowing, driving up oil and gasoline gas prices, firing inflation, driving unemployment, straining our global economy, and threatening to collapse our entire system. We are reaching Peak Oil and we are unprepared. Teacher Aaron Wissner, in a compact 10 minutes video summary, details Peak Oil, the evidence, the impacts, and the solutions. See the full one-hour video at LocalFuture.org. Also, at YouTube, see the conclusion, of that presentation, part 5 of 5, which highlights the impacts, underlying problem, and solutions to Peak Oil.
Clips featuring Colin Campbell, Richard Heinberg, Julian Darley, etc.
Chapter 17a – Peak Oil: Energy is the lifeblood of any economy and a steady supply of energy is necessary to maintain the status quo, while an ever-increasing supply is needed to grow an economy. In this chapter, Dr. Chris Martenson explains that Peak Oil is not a theory, rather it is a description of how oil production increases over time, reaches a peak, then declines. Evidence points to a global production peak in the near future, which is troubling since the U.S. imports two-thirds of its oil and relies on it to much of its transportation and food production needs.