We don't know who you listened to at uni, SF, and they were clearly talking nonsense, but that has no bearing on the future. Certainly no-one I know in the Peak Oil community said that that North Sea oil would run out in 2000. Of course higher prices leads to demand destruction, perhaps to the extent of global economic recession. How much of the current jitters in the money markets can be related to high energy prices is up for debate, but it is likely that the relationship between economic problems and geology will go unrecognised with people blaming all sorts of intermediate causes. The idea that high energy prices make previously 'uneconomic reserves more economic' has to be seen in the light of the 'Law of Receeding Horizons'. The cost of everything involving energy, rises when energy prices rise. So an energy project that looked too expensive whaen energy was cheap remains too expensive when the energy price rises. The costs of steel and rubber and concrete and transport and labour are all found to have risen. For a perceptive treatment of this topic see Chris Nelder's piece, Tar Sands: The Oil Junkie's Last Fix on The Oil Drum