According to Richard Sears, the world hit peak oil in 1985 in the sense that oil accounted for 50% of world energy in 1985 and the percentage has been declining since then. By that same measure, we hit peak coal in the 1920’s and peak wood in the 1820’s. Sears summarizes
For 200 years we have been systematically de-carbonizing our energy system.
We didn’t stop using wood as our primary energy source because we ran out of trees; we moved on to something better better. Sears believes we are now in the process of transitioning from oil to renewable energy sources, and not because we’re running out of oil. He concludes his presentation by saying
… the Stone Age ended, not because we ran out of stones. It’s ideas, it’s innovation, it’s technology that will end the Age of Oil before we run out of oil.