For years people have known that there would be a point when the supply would be unable to meet the demand for oil products and it would be be long before we run completely out of the stuff. Though, the run away prices would be a little hard to deal with. A couple years back after Oil first hit $45 dollars a barrel I predicted that it would never fall back below $35 dollars again. I daresay that claim seems a little tame now.
Thankfully the dire predictions of peak oil seem to fizzle a bit and Canada is letting us down easily. The tar sands give us plenty of oil, though it's dirtier and more expensive. Peak Oil isn't the end of oil, rather the end of cheap oil. And the more we get from the tar sands, the more that become apparent.
A lot was made concerning that recent finds in the Gulf of Mexico, usually along the lines of see there's still oil to be found. Though the supporters of Peak Oil are right to point out that that isn't cheap oil. It's quite telling that the oil companies are going back to the old spots they gave up on, and drilling them again.
Don't get cozy with three dollars a gallon, it will continue upwards. Though, slower than it would otherwise, and rather fast after Hurricane Dean messes up the Gulf.