This probably has more to do with the tax structure than anything else. Except for middle east countries that subsidize gas for their citizens we have some of the lowest taxes on fuel which keeps it ridiculously cheap.
It's really quite amazing that milk still costs more in general than a gallon of gas considering the refinement required for the latter.

The idea we're on the verge of running out is crazy. We may be running low on the sweet conventional stuff we can produce for a few bucks a barrel, but after that we have oil sands, then shale and synthetic petroleum from coal - all already profitable at today's oil prices. After that there is the oil shale that isn't counted in reserves we haven't quite figured out how to get at, but is likely going to be more cost effective than $140 a barrel.

Personally I get excited during periods of high oil prices because market driven alternatives accelerate and promising technologies emerge from all ends of the alternative energy spectrum.

Government seems to only know how to subsidize corn ethanol which is one of the LEAST promising, even in the ethanol realm. Solar is promising, but not at all in the near term - subsidies are helping bring up efficiency of panels themselves, but no one is really focusing on making the panels cheaper. Both solar and wind require batteries because they can't be "on demand", which really inhibits their practicality.