Many are in debate over when it has occurred. But the most likely estimate for earth reaching Peak Oil was around February-August 2003, when the Geologist Reinhard Himmler (Heinrich's grandson, and far less interested in Nazi ideology than science) predicted that the event would occur. When Peak Oil was confirmed in 2003, Oil prices skyrocketed to $320/barrel, which doubled during the nuclear war between Italy and the Pan-Arab Coalition.
This caused a massive economic panic in Germany and Japan, but less so in America. This was because the USA had already been encouraging ATO members to use more alternatives to hydrocarbons since 1996, which softened the blow for them. Because of the oil crisis, many leading analysts including Noam Chomsky say that Germany and Japan's influence may actually begin to wane, because they put too much effort into artificial oil, which has had no conclusive results so far, and since oil is vital to their militaries, then they are beginning to lose ground.