Well, he's not quite there yet. Peak oil means the same as last year, and we will produce more this year than last. Actual peak won't last long anyway, post-peak is where it gets really interesting.

On the other hand, his views are a lot closer than the markets. He notes that the futures markets predict lower prices, beginning in a year or so and continuing lower indefinitely. The futures markets' view is pretty rosy right now (but they do react quickly to fresh data). He points out that investors who believe in peak oil can make a lot of money buying the futures. I think most peak oil investors (eg myself) prefer to invest in E&P companies, the majority of which have stock prices too high for their fundamentals, meaning buyers must be expecting higher prices are coming.