In other words, at any given moment there is always a price at which supply and demand for oil will be in equilibrium. As the price rises, lower EROEI resources can be tapped to supply a demand that is shrinking as said prices rise.

Might it therefore be possible that we've hit a peak plateau that we'll stay on for quite a while as price increases drive demand detruction? And perhaps the comment about the stone age and oil age was meant to imply a recognition that the price of oil will inevitably be driven so high that the switch to more economical substitutes will eventually render oil an insignificant & expensive niche resource.

Bottom line: We can argue endlessly about when we will hit the peak, but there should be abolutely no doubt at all about the fact that oil prices are inevitably going to go up, and go up a lot.