There's one little thing I want to add, the (currently) 30 comments don't directly address this specific aspect, but my apologies if that was, actually already said, and I simply missed it.

We got the idea that oil prices would be pushed up as the difficulty of extraction surges, to cover extraction costs and give oil companies a profit margin, sure.

But another limiting factor is that oil prices cannot rise towards stratospheric levels: oil prices will only rise as high as the economy is able to sustain them.

A thriving blossoming economy can afford higher prices than a depressed, half-crumbling, incertain and threatening economy. In a grim context of not just peak oil, but peak everything (several resources are past their peak and extraction may fail to meet demand within the current century, for instance for copper, europium, terbium, yttrium, antimony, helium, uranium, gold, indium, zinc), there will be this additional challenge, even if we want oil, we can't afford to pay it at the cost it would require.