US oil production did, in fact, peak in 1970 and declined for decades afterward. Production only started to increase again about 15 years ago with the widespread use of hydraulic fracturing.
EDIT: To be clear, I am responding to a specific, narrow idea implied by the parent comment: that there was a prediction of peak oil in 1970, and that that prediction failed. I wanted to clarify the history. I know that global oil production continued to increase.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M...
EDIT: To be clear, I am responding to a specific, narrow idea implied by the parent comment: that there was a prediction of peak oil in 1970, and that that prediction failed. I wanted to clarify the history. I know that global oil production continued to increase.