What if world oil production peaked in 1970?

We all know that 1970 was the year that US oil production peaked(the reason I picked this year) and we also all know about Peak oil(www.en.wikipedia.org/wiki/peak_oil). What happens to the world in the event of a peak coming 30 years sooner than peak oil is predicted to happen. What economic, social, cultural and geopolitical impacts would the world where there's never any ending of the oil crisis due to hard geological reasons?

>11 What "irrefutable facts"? The irrefutable facts of unfettered free marketeerism in Chile, Russia and elsewhere have proven that allowing the market to drive everything will result in massively increased unemployment, massively increased inflation, and (eventually) massively increased government debt. Hence why the economic crash in Russia following Jeffrey D. Sachs' "economic shock therapy" was worse than the Great Depression, and why Chile's economy collapsed in 1982. It was only *after* all of the Chicago Boys' reforms were undone in Chile that that country's economy recovered.