I think so, short and medium-term.
Long-term remains to be seen, but I've gotta believe we eventually lift our heads out of that sand - and move on to another energy source.
Plus, if we've really already hit Peak Oil, then it's a dwindling proposition, as the existing refineries would eventually be able to handle ALL the oil being harvested.

There are SO many people hoping, just hoping, that we'll be able to get every last drop of oil (and somehow do it at a reasonable cost) for many years to come. They think the "new" finds near Rio (under the sea, collected by very expensive boat-barge/drilling-rigs) will bring "balance" back to the price of oil. I'm not sure, but that kind of drilling sounds awfully expensive to me. No-one's going to "give away" that oil, as it's likely very expensive to harvest. But maybe they are right, and "reasonably priced" oil will remain for quite some time. If so, then consumption will continue to be high - and likely even increase.

Steve

STOP terrorism - Drive a HYBRID

Vehicles:
350 miles a week ------------ 2006 HCH II, Magnetic Pearl, w/NAVI (born on May 25, 2006)
350 miles a month ---------- 2003 Mazda Tribute ES-V6
350 miles a year (for now) - 1986 Mercedes 560SL