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But if that does happen, well.. there won't be peace.
In the unlikely event of an oil shortage yeah I agree that it won't be fun. I can just see people fighting over the remaining oil and rationing. In the long run I can see that possibly there will be a synthetic form of gas invented. It would be kind of like ethanol. IMO the only issue that's preventing us from pursuing alternative fuels more aggressively is just the plain fact we have so much oil left it's not really worth it now.
I know that there are new possible fuel sources such as hydrogen, C02, nuclear power, etc.... but the problem is too many people simply cannot afford to purchase a brand new vehicle. Plus there's the cost of converting all the existing gas stations to whatever is the new fuel.
TL;DR: Due to the sheer costs of changing fuel sources it's more likely that instead companies will develop a synthetic gas so that we can keep our gasoline cars running.