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?

>>8
oh, so you're just stupid enough to actually believe all that socialist crap?  that's even worse.