IMHO, and hindsight being 20/20, the day the OPEC cartel formed to set the supply and price of energy, it would have been within the National Security interests of the West, collectively, to begin pouring money into alternative sources of energy (not just in autos, but right across the board).
The technology is finally coming, but its nowhere near mainstream enough to do anything about the current oil prices and inevitable upward trends we will continue to see. We are, quite literally, held over a barrel.
Now we're caught between a rock and a hard place: we have developed much of the technology to remove much of our reliance on fossil fuels, but we are generations away from it being implemented and improved to a degree necessary to remove that reliance. Meantime demand, and resulting competition, for this resource from the increasingly industrializing (but generations behind us in terms of efficient usage) China is exploding. At the same time, they are projected to attain parity with the US and EU in terms of GDP making them a greater economic powerhouse than they're already becoming - and their annual GDP growth far outstrips the modest growth of the US and EU.
They're also a major net energy importer, and this will become a bigger and bigger factor from the twin forces of increased energy demand within China to meet their industrial needs, and the cheap and inefficient means they are using to do so.
The last ingredient in this stew which is not to be overlooked, is that we are increasingly looking to more and more marginal sources of oil. These sources cost more to extract and/or refine, and that cost is, and will continue to be, reflected on the price charged per barrel of crude.
The prices we see today are the result of many different sources converging together, and we are stuck over the barrel with having to pay whatever they charge, and its only going to increase and continue to increase.
We will never run out of oil. It will simply beome what is already occurring: increasingly expensive. Its similar to any other non-renewable commodity - prices may fluctuate over the short term, but long term it increases steadily.
-Spyder