There aren’t enough resources currently available to convert a larger percentage of combustion based cars to an electrical fleet in a short period of time. There are severe mineral bottlenecks for the components needed in batteries.
Peak oil is not an immediate concern as long as we stay in a severe recession. The problem will come when we expect recovery and find that there may not be the resources available to sustain it.
edit: the article goes on to say something very similr, just after the posted portion:
“High oil prices may or may not come in the next year or so because of recent drops in demand for oil in 2008 and early 2009. Currently world oil production is running about 85 million b/d; however, there is said be another 6 or so million b/d of unused productive capacity that could start producing oil in a few months. Although some are skeptical about the size and quality of this “reserve capacity” about 4 million barrels a day (b/d) of which is in Saudi Arabia, in theory it could keep the lid on prices for a while. In fact world oil production could increase to 91-92 million b/d if demand increases soon.”
