Every time I hear someone lamenting "But what will we replace the oil with if we don't buy it from the Middle East?" I run across some other way that we can generate power without relying on imported oil.
Methods like this one http://www.oceanpowertechnologies.com A proprietary system that converts wave energy into electricity. Or maybe you just want fuel for the car? Check out Biodiesel. Want to heat your house? Vegetable oil can be used for that as well (Stumbled across this process just recently. Garbage into Oil. Another obvious process) Then there is always the sexy solar panels and wind turbines.
As an architect, I've always been fond of the earthshelter home, myself. Position your home correctly, with just the right amount of soil built up around it, and you have a home that stays cool in the summer and warm in winter, with little or no need for air conditioning. Combine that with rainwater harvesting and a decent photovoltaic system, and you've got a potentially self sufficient home.
As I stare at the electric bill that my standard builder home gifts me with each month during the typical Texas summer, I can't think of a more beautiful dream than to not have to write that check anymore...