There won't be any waiting this one out.
Peak oil - Wikipedia, the free encyclopedia
I believe the big oil countries are making their reserves last by cutting production. As demand contines to increase so will prices until cost stabilizes demand.
I think the only way for people to maintain their stardard of living (and help the economy) is to drive vehicles that squeeze the most miles from a gallon of gas. The more money that gets spent at the pump the less there is for discretionary spending. IMHO The sooner the unnecessary gas hogs go the way of the Dodo the better off everyone will be.
A quote from Charles Darwin fit's the current situation quite well:
It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.