Please, this scare is absurd.

For starters these "all time highs" of oil prices aren't adjusted for inflation! John Stossle puts it best, "You might as well say that Rush Hour 2 made more money than Gone with the Wind"

Next, to think we have a serious crisis on our hands you need to wish away the simple economics of the matter. Supply and Demand. As supply diminishes the price of oil will increase, thus lowering the demand, and wasteful use of oil. This process will make things like hybrid cars affordable down the road at a gradual, unalarming, rate.

Then consider the fact that we have around 100 years worth of oil scattered in tar across the globe. Right now oil extracted from such sources would cost more than our current means, but when the supply dwindles, this oil will be affordable to go after, thus increasing our supply.

Sure, maybe within this century we will need to make a switch to something, but for now there's nothing to be scared about.