You are the top manager at one of the large oil companies, tasked with leading your enterprise into a future without oil. With peak oil looming ahead, you will try to squeeze the last drops from oil fields around the world to gather the resources to invest into various oil replacement technologies. While you might try to emerge from the coming crisis by regular means, your competitors will most probably not, forcing you to dirty your hands as well.

On your turn in Peak Oil, you will assign your agents to different action spots on the board. If your agents are in the majority at any given action spot, or you choose to send mercenaries to their help, they squelch the competition there and allow you to take the linked action. Actions include developing and harvesting oil fields, building pipelines, hiring new agents, purchasing new ship contracts, investing in oil replacement technologies, conducting PR campaigns, engaging in piracy, and manipulating public opinion and oil prices.

After some time, the oil — represented by a set number of small barrels you draw from a bag when making new oil fields — will run out. This is referred to as "peak oil" and marks the end of the game. Players will tally the value of the technologies in which they invested and promoted during the game. Whoever shaped the future best (i.e. gained favor for their company) wins the game.