Well is it bad that we are running out of oil because we won't be able to drive cars as much or is it good because we won't be able to burn as much fossil fuel and produce more CO2?
Anyway there are other sources of oil that will probably keep us going for many years.
- Undiscovered oil fields such as the one recently found in Brazil,
- Tar sands
- Its also possible to make a gasoline substitute from coal. The Germans did it during WWII. And coal is abundant in the US.
Gas will cost more to produce in the future, but it will still be available.