Well, that's the argument from Dmitry Orlov. You need to read the whole article, but this short quote sums it up:
When faced with insufficient domestic oil production, an industrialized country has but two choices:Needless to say, it's at the "doomer" end of the spectrum, but it's difficult to argue with the points made, sadly...
1. Import oil
But when faced with insufficient global oil production, an industrialized planet has just one choice: Choice Number 2.