In the 1950s there was a lot of talk that oil would run out by 1980. In the late 50s oil was found at Moonie and that was going to make us all rich, pity it was a bit of a fizzer. Then came Alaska and the North sea. I think it will taper off for a long time yet but I do not dispute the peak oil proposition. It will just get harder to find and more expensive to produce.
The same with food. It became uneconomic to farm and the fall in production was due to economics as much as the drought. Rising food prices will see an increase to the point that there will be surplus production in a year or two.