I don't know which way the price of oil will go long term -- though I presume it will go up -- but the amount of energy being put into finding alternatives is the classic way the Invisible Hand successfully solves problems like that.
These people remind me of the survivalists, who got some attention back in the 1980s when people were afraid that Ronald Reagan was going to bring us nuclear war. It's not that their predictions are wrong (after all, they're right that the world will end some day). But timing is everything.
(more interesting discussion on Sound Politics)