Peak Oil : Will we be Ready?

Peak oil, or the moment when the extraction rate of oil is at the highest value it will ever have, is likely right about now. That means in the future we will have less and less oil available every year, even though we are adding more and more people to the population. Less oil supply will mean higher oil prices. How will we adjust our society to high oil and gas prices? Can we do it? We have gotten to where we are today in part by depending on cheap gasoline.