TS Lombard with sounds analysis:
Until not that long ago, the idea was still taken seriously that peak oil would be supply-side driven and triggered by sky-high prices: but as it is now clear that the oil case will resemble all previous energy transitions, useful lessons may be had from the most recent such precedent–peak coal.
The first such lesson is the lack of a linear relationship between falling demand (the underlying driver) and falling prices. The main reason for this is decreasing investment in new supply getting out of sync with decreasing demand.