They have a better rail system and more fuel efficient cars which is fantastic. But a rail system without abundant electricity from coal/nat. gas, and exceptional fuel costs means that Europe is just barely more prepared physically than the US. The most important part of European peak oil is that they have a mindset that is based more upon sustainability than we do, a mindset that will not originate overnight in the US, i.e. look at how long global warming acceptance has taken to penetrate into the mainstream. That may be their saving grace and ours to if we decide to adopt this policy now.

I believe they have a better passenger rail system but almost no rail freight, which is America's strong suit. Europe relies on trucks to haul most of their freight. That part of their system is not going to fare as well as America's.

Not so fast.

In the past 10 years it has grown by almost 50%, increasing its market share of surface transport to 11.5% and in so doing removing thousands of lorries from Britain's roads. In 2002/03 alone, rail freight moved the equivalent of 5.6 million lorry journeys and saved 1.4 billion lorry kilometres and a growth of just under 30% is forecast through to 2014/15.

http://www.rfg.org.uk/aboutfreight/

Now OK, the US rail freight level is much larger. However there are differences in distances etc. that account for 80% of that difference - plus of course rails being used for passengers are not available for freight.

Water transport also pays a surprisingly large role in moving goods in the EU, and is poised to increase it's share.
For delivery vehicles EV's are being adopted:
http://www.j-sainsbury.co.uk/cr/index.asp?pageid=63&caseid=vans
J Sainsbury plc : Responsibility : Case studies : Case studies - Environment

"by 2000, the share of U.S. rail freight was 38% while in Europe only 8% of freight traveled by rail" -Wikipedia

They've messed it up pretty good:

‘Interoperability’ is the buzz word at these European wordfests but it can have a rather hollow meaning when the very way that the railways are being reorganised seems to ensure that they have less chance of bringing it about. Indeed, there has been a heavy price to pay for enforced separation because it has meant that some of the inherent advantages of the railways have been lost.

http://www.christianwolmar.co.uk/articles/rail/559.shtml