Why do some people make spurious appeals to equations to make simple points? You might like to consider that some here eat more complex equations than this for a light mid morning snack. All that happens when you try to confuse a simple point ("US consumption will have to go down, otherwise others would suffer even more, and they aren't going to do that") is that people switch off. You didn't even imply any policy options.
If Stephen Hawkings can get through the entire Brief History of Time on one little E=mc2, you can make a point on peak oil without partial diffs.
If you want to play with equations, come up with one that relates supply and demand levels to world oil price. A workable equation there would be handy.



