What will cause the end of peak oil?

"For reasons we've written about many times in the past on the current financial meltdown, we believe the US is already effectively bankrupt, and would only be more so in a Peak Oil world." Sprott

That's scary...

I've always wondered if the prices of oil is up because of the peak or the apparition of new technology in the car industry. Maybe its a combination of both...

One thing for sure make a cheap and more pratical version of the following car
(http://www.teslamotors.com/) and I dont see any reason to buy a one based on a combustion engine.