There'll always be enough foreign currency available to import food and fuel for everyone, as long as there is a reasonable amount of equality or some kind of welfare state. Lot's of other imports will disappear before there is a physical lack of food and fuel.

Just look at Italy. The current account deficit has fallen a bit (IIRC), not due to greater exports, but due to falling imports. But people still afford food and fuel.

Peak oil is not an energy crisis. It is a liquid fuel crisis.