It's about time. World oil peaked and now we are all dooomed!
Really it means that oil prices will slowly increase from now until when oil isn't economical to pump. More and more as the price goes up we will get more and more from the oil sands, which is massive though dirty and a pain to get. If anything touches supply oil prices will skyrocket. Oil prices are currently at 90+ dollars a barrel.
This may already sound familiar... that's because it peaked in 2006. It just takes a while to confirm.