Yes it can, anything is possible. As to whether or not it will, is a very different question. Also the question of peak oil is not so much one of scarcity of oil, but scarcity of oil that can be easily and profitably extracted. We're finding more oil now than we ever have, it's just fucking impossible to get at.
"If an injury must be done to a man, it should be so severe that his vengeance need not be feared" - Niccolo Macchiavelli