You're about to hear two of the scariest words in the English language — "peak oil".

Effectively, they mean the end of the world as we know it. The point where oil production reaches its absolute peak; the point when supplies start running out. And the doomsayers are convinced we're almost there.

So, if you think paying $100 to fill your tank is painful, I hate to tell you, this is as good as it gets. It'll get worse, much worse.

Two dollars plus per litre by Christmas for a start. Naturally, the oil companies say stay calm. We'll be right for a 100 years at least. But then they would, wouldn't they?

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