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?

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Those were just periods while the economy adjusts to reality. When your state has been subsidising the same steel mill since the 50s don't delude yourself into thinking the workers there are contributing to the economy. Most of Pinochet's thugs became rich from trade with the west and as a result he could not subdue them completely and enforce a totalitarianist state that would have lasted to this day. Economic freedom was beneficial in both instances.