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?

>>18
Mixed economies are just a less harmful travesty than subsidising the same steel mill for 50 years to the point where the average voter cannot see how it is harmful because the effects are spread out through the rest of the country. Adam Smith proved logically that market forces are the best way of assessing value, the best calculator of this is still the human brain, we do not have an omnipotent artificial intelligence that can decide whether it is a good idea to have children, how much to save and whether to buy health insurance better than individuals.

Every longstanding dictatorship in the 20th century took the measure of destroying trade with foreigners so that no one in a position of power gained power from anything other than being a sycophant to the despot. Pinochet could not have lasted as long as Castro or Kim Il Sung and his offspring.