When something is scarce the price rises; when something is expensive people use it more sparingly, and find alternatives that are within their budget. Oil is simply another commodity.
Very simple measures such as iIf we installed solar panels on every house roof, on every lamp post and recycled efficiently then the resources we have would last an awful lot longer. Besides we are getting a heck of a lot more effective at extracting oil resouces. There's at *least* 40 feet of coal less than a mile deep under my house, it's just not financially viable to extract it, yet.

That's true for fuel resources worldwide.
I don't think things are going to go downhill, I think the opposite is true, but then, I look at a problem as an opportunity for development, not a retrograde step into anarchy
cheers,
Toddy