Lets look at the alternatives:
Hydrogen is a non-starter because of a lack of cheap electricity - see what Al said.
Propane is a possibility, but we would have to turn to imports, not near enough domestic supply.
Alcohol currently consumes more energy to make, than is available out of it. ADM is profitable due to huge federal subsidies.
I thought natural gas was the answer, and it still may be. Unfortunately, us drivers were too slow to exploit this, and we were beaten to the supply by the electrical power guys. Almost all new electrical power plants are natural gas turbine powered, as this is the cheapest plant to put in. Excess natural gas capacity is gone, and we are now setting up to import CNG from Venezuela.
So we are back to gasoline and diesel. Refining capacity has been flat for many years, as the refinery guys were waiting on a bigger profit margin to fund new construction. The bigger profit margin is here, thanks to increased consumption and tight supply (the refinery guys LOVE the SUV drivers). New construction is finally happening, but bringing the new plants online is YEARS away.
BTW, the oil company record profits are almost all upstream, not downstream and refining. Even crappy marginal wells are being fracted and flooded to get all the oil out.
The bottom line is for the next few years; gas prices will continue to rise. How much is the question