True, and bad news but we have imported oil more than we have pumped our own and America didnt collapse then so...
I think it's time to diversify, all of our eggs are in one oily slippery basket, dependance on oil is a weakness, its 2020, necessity is the mother of invention, it might suck but the worse it is now the sooner we will figure something new out.
Decrease in oil production is just going to slow down the insane bustle of huge urban areas, city kids driving around to get their hair done, going to the movies, sitting bumper to bumper to sit behind their office computer instead of the home computer or flying to paradise to escape their urban stink hole.
If the oil industry after a BOOMING century is still this fragile with the whole world depending on it, time to stop investing in it.