We're not going to run out of anything overnight and have tmie...

We're not going to run out of anything overnight and have tmie to adapt. You get price signals over time which should cause you to consume less of whatever is becoming more expensive. At least this is true well in the developed world. There is a lot more concern in the developing world where incomes barely cover daily essentials. The consequences of excessive consumption in are felt globally. I think in Australia the price signals are still not strong enough (compared to our income) to encourage serious behavioral change. The Europeans and Japanese get by quite nicely using a fraction of the oil the US and Australia consume.

Perhaps we should think about raising fuel taxes?