I fluctuate between doom and moderate when reading this website, but am a soft lander when out of the house : ) ... Really, it depends on the timeframe you are talking about and I'm only going to be around about 40 more years...
I would guess that there will be a period of fluctuating but (gradually or rapidly) increasing gas prices over the next 5 or 15 years, to a level we all find painful. The first stage will (I believe) feel a lot like the 70's with talk of rationing and carpooling and downsizing cars to reduce usage and expense. This period may last years. Investments and savings will fall in value. (Note to self: withdraw from market before the crash this time).
When the concept of declining oil reserves is first discussed seriously most will tend to believe that alternatives (coal, natural gas, hydrogen, nuclear) will be able to meet our needs as they arrise. Alternative sources of fuel (gassification of coal) will be ramped up, and it may feel like a new equilibrium between oil production and consumption can be reached. This would require major changes, with reduction in private vehicle energy use and more public transportation but accomidation seems possible (if not easy). What this period will feel like (the first and second decade of peak oil) is unclear but will be revealing... There will be a struggle to hold onto appearances of our consumer society, but those who downsize and adapt best (conserve their personal resources) will be far ahead of those who just don't accept the change.
What frightens me more than the plateau and then slow decline in gas (with increasing prices) which may occur in the next 5 or 15 years is the depression that may accompany it's beginning... occuring when the US economy faces recession due to oil in the face of our huge deficit. It is not inconceivable that a global depression and devaluation or collapse of the dollar might result. The disruption, loss of productivity, unemployment and suffering of a global depression resulting from a collapse of our current vulnerable banking system is the "wild card" that keeps me from predicting a smooth transition in the first decade or two after peak oil, and makes me more a "moderate" within the first decade of peak oil.
Still, even in a depression there is work for some... Life goes on and food is produced. A higher percentage of income (possibly much higher) will go to food, and less will go to crap from Walmart. I do think that even though oil is expensive there will be enough to provide basic calories in the first decades. It may be tasteless (beans and rice) but a day's work will provide food. Breadlines will provide food for those unable to work.
Some areas (cities, poorer suburbs) will be hit harder, with more crime and urban decay, and even riots at times... Even so, I dont think starvation will be an issue in the first decades in the US.
I think adaptations (more coal gassification, nuclear) will preserve some industry and quality of life in the immediate decades after peak oil... Adaptations (gardens, buying a piece of land) may allow more quality of life and better nutrition but will probably not be necessary to avoid starvation in the next 2 or 3 decades.
After a few decades its hard to say... An optomistic picture would be one in which oil resources are saved for agriculture while rail and barge is used for transportation when possible. People work for money, but live simple lives and are generally content to buy food, clothing and little else... Depression might or might not change that picture, as unemployment created would free up labor for needed public works projects to adjust to a new economy.
Longer term (50 years into peak oil) I will be dead, as I'm 35 now : ) . But, oil will be scarce and food production will be declining. Hopefully basic calorie needs for humans can be met with simple grains/beans... Less efficient use of resources (cattle) for meat will be a rarer luxury.
I think that over 100-200 years a new equilibrium will be reached with a smaller, much less mobile, more frugal society surviving with a new mix of low energy high tech industry geared to make basic tools and communications, and farming still dependant on fossile or other power. Economies will be much more local, though there will still be international communication and small scale national government projects.
500 years from now I cannot predict ... But with all of the non-renewable fuels used up and barring some breakthru in fussion technology things may look a lot like 1880, but with really good rifles and radio's available...
Under this scenario we will never reach interstellar travel, so instead of visiting other planets we will be visited by Captain Kirk.. We will be the agrarian world that seems nice but is really ruled by a powerful computer we think is a god.
PS- Im still buying a gun, to hold off you Doomsday types.
PPS- When I'm a pessimist I think there will be oil wars within the next 20 years, that will escalate to a world war. Then we nuke someone. Then we get nuked. Then zombie hoards roam the plains. And we eat brains.... mmmm, brains
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Verbal: The greatest trick the devil ever pulled was convincing the world he didn't exist...