I've assumed for a couple of years now that "peak oil" would be an economic, rather than geologic, phenomenon.

There's still be lots of oil, even when it costs $200 a barrel.

What we're really dealing with is peak culture.

. . . since demand will increase as fast as new supply can be brought online. We are opening up a serious supply/demand imbalance. Call it "Peak Lite" if you will. It will have practically the same effects as a true production peak, without the same level of panic that will accompany a production peak.

 I think we need a TOD lexicon and I wish to propose that what RR describes above may better be called a Logistics Peak to distinguish it from the actual Physical Peak
 

 I don't know who first introduced the term Logistics Peak; I do know it was not me and therefore someone else should get the credit. I do think it would help the clarity of our discussions if we distinguish between these two peak events.

This is a 29 year difference, with considerably better technology in the North Sea, but the North Sea peaked at almost exactly the same HL point as the Lower 48. The P/Q intercept on the North Sea plot does accurately suggest its greater decline rate, but as I have suggested before this is roughly analogous to the rate at which you pour water out of a bottle.  

The rate at which you pour water out of a bottle does not affect the volume of water in the bottle.  Within limits, this is roughly true for oil fields, as long as you do not produce the field at a high enough rate to damage the reservoir.  I think that a lot of people are mistaking a "higher pour rate" for a higher recovery via better technology.  

The 1999 Economist cover story ("$5 Oil"), just as the North Sea started declining, marked the beginning of the oil price increase from $10 to $75.  

I expect that the current cover will mark the beginning of a price increase from $75 to something a lot higher, as the world crosses over the 50% of Qt mark (just like the North Sea in 1999).  Who knows what the price will be?  Matt Simmons estimate of $200, in 2010, in constant 2005 dollars is as good as any.  (Unless we have a severe recession/depression or a bird flu outbreak.)

Though it might be seen as some kind of 'economic' or 'market' oil peak a little reflection will indicate it is likely to be mild rehearsal for the effects of the real, physical, production peak.

Current data seem to suggest we are not at this "Big Rollover" yet. Prices over the last 3 years have been on a reasonably constant +0.3 slope ( = increasing 30% annually). One might expect a period of parabolic increase when it does happen as prices and speculation increase rapidly to the point where oil becomes almost unaffordable to virtually everyone and significant demand destruction begins. I would expect oil prices to exceed $250 / bbl at that time, possibly briefly reach $1000. The big rollover could happen before or after the date of peak oil as defined by maximum physical production, best hope it is before since that gives more time for adjustment and a lesser supply shortfall - for a brief time, at least.

Here are three recent articles that discuss aspects of oil economics and markets from different perspectives, I think they are all worth a read:
http://www.morganstanley.com/GEFdata/digests/20060424-mon.html#anchor3
http://www.financialsense.com/editorials/gue/2006/0324.html
http://www.safehaven.com/article-5008.htm