I read this a while back.  I would have raised an eyebrow at that proposition back then as well.  It was interesting how Kunstler seemed somewhat uncertain of the theory back then (as well he should have been) compared to his brash statements today.  

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I know nothing of Jacobs, but in general, I think that the peak oil deniers (from this moment forward known as POD People) are sticking with some combination of "it's all market speculation" and "it's a lack of investment, and in a few years things will be peachy keen again once we get the fields and infrastructure back up to speed."

To be completely honest, my view is that the current market tightness is NOT peak oil.  I still side with ASPO in their prediction that the peak will hit in 2007.  But to say, as many of the POD People do, that just because current prices aren't caused by peak oil that peak oil therefore isn't an immediate concern is like saying that peak oil has never happened before, so why worry?

(I guess I finally have a name for the extreme optimists--POD People--to go with the apocalypticon name for the extreme pessimists.)