Global crude oil production reached a plateau 6 years ago, so it's possible that the peak has already happened. At any rate, although technological advances will allow us to extract more than was envisaged when Hubbert came up with the concept it does have to run out eventually.
My position is that we should be implementing as wide a range of alternatives in the UK now as possible, so that when oil production does begin to decline we're sitting on a whole bunch of options and our economy has a nice competitive advantage.