I have mixed feelings upon learning that capitalism is apparently stepping up to the plate to solve the oil shortage. The price of oil has gotten high enough to make it possible to make a profit from Canadian oil sands. This means that oil will be expensive from here on, but we won't actually run out for a very long time. That gives civilization a little breathing room until we figure out how to make cold fusion work.
That's the good news. The bad news is that we'll have to put up with all the traffic, noise, exhaust fumes and greenhouse gasses for long, long time. But I guess that's better than having civilization collapse.