The average American Joe and Jane cannot answer correctly just why there are 24 hours in a day. However, the math of tangible resources is inarguable. There is no new oil - only old.
Amazingly, on Mega Disasters (The History Channel) tonight the oil crisis is predicted to be in the year 2012. This date coincides with many comments about the last year contained in pre-colonial South American calenders. Also, this date is mentioned in other predictions.
Regardless of the date, the math goes like this: We now need about 86 million gallons of fuel per day - worldwide. In the near future, because China and India demand a ride on the Four Horses of the Apocalypse, gas consumption will be about 100 million per day.
Due to well funded and organized environmental activist - who, combined with American engineering copyrights, squelched U.S. nuclear power in the mid-1970's - there are no new oil fields that will be opened and productive; gas refineries number less by dozens, not more, than they did 20 years ago; nor, are there any soon-to-be alternative sources for this peak oil. I suggest God planned for oil to run out.
Let's say the average American who consumes energy to support a lifestyle that would be envied by a Greek god, travels 20K miles per year in automobiles that get 20 mpg. When gas was $1.50, the gross income needed (after 33% est. taxes) to fund this 1000 gallon fuel cost was $2250. Less than $200 per month. This was the average cost for decades after the first oil crisis of the 1970's.
Because of escalating demands, multiply this by a future factor of 5 (pump prices from 3 years ago are presently at the half-way point of 2.5=$3.75) and you have $1000.00 per month dealy-o daddy-o. More than the Federal Minimum Wage.
This increase will be marked by a concurrent rise in all other prices. "Peak income" for millions of Americans will be surpassed by these various increases. Sending millions into the homeless and crime filled streets of America.