The purpose of this chapter is thus to review the concept of peak oil, critique its main propositions and assess the arguments advanced by oil optimists against those of peak oil. The paper begins with a presentation of the Hubbert peak theory and of some recent applications of the theory at the global level. Then it introduces a revised conceptual analysis and set of variables with a dynamic analytical framework. The third section assesses the issues behind the polarized debate between the peak community and the oil optimists.