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?

>>14 Actually statistics on the IMF's website, which I'm sure you'll agree is hardly an example of an anti-capitalist organisation, point to precisely those conclusions. If you have statistics that refute them, I'd be interested to hear what they are.

Note that chile *did* undergo a modest increase in GDP after Pinochet's coup, but that's almost entirely because the trade embargo that had been set against Chile under Allende was removed, thus opening the area to vastly more foreign investment.

>>15 I'm hardly advocating the continued subsidisation of industries that don't need it; in fact, I'd actually argue *against* such travesties. The poster of #9 said that a mixed economy is best, and I'm inclined to agree. However, I'm at a loss to understand how you'd say "economic freedom was beneficial" under Pinochet for anyone other than his thugs.