Has oil already peaked?

There are naturally many opinions regarding how much oil and natural gas there is to extract out of the ground, but if the theory presented in this story is to be believed, production peaked in 2008 and by the end of 2009 will fall off dramatically.

Assuming that the only thing keeping prices low at this point is lack of demand due to the current world-wide economic freeze, once demand picks back up again (some say this is quite likely by the end of 2009), the price of oil and gas should start rising again. And rising. Without end.

So, electric cars coming into the mainstream by 2011 may be a welcome and necessary relief.

What I'm curious about is whether people realize that oil makes more than the gasoline we put in our cars. Every bit of plastic we consume is made from oil as well and I challenge anyone to go through a day without using plastic. What will happen to our plastic addiction once oil supplies dwindle?