I think our future energy strategy needs to address both conservation and developing alternative fuels. Instead of seeking one fuel to replace oil, I think we must diversify and decentralize our energy sources. Unfortunately, this is exactly what the petroleum industry and their rich friends in government DON'T want. They want to control the average citizen's access to energy, so that we largely have to go to those companies and pay whatever price they charge. Competition tends to bring prices down, and there is no real competition in the oil business (note how the prices at competiting gas stations go up and down in unison -- note how an adverse condition IMMEDIATELY results in higher prices at the pump, but a beneficial event takes a while to reach the pump -- tell me there is no collusion and that anti-trust laws shouldn't apply!)
Of course, as citizens, we have to be willing to sacrifice some convenience to use other, perhaps more costly and/or less-efficient, energy sources. We have to be willing to utilize mass transit and to let pols know that we want an improved mass transit system. We have to accept smaller homes and smaller cars. We have to be willing to walk or bike rather than drive sometimes.
It is anybody's guess whether a significant number of us would make these changes voluntarily. Likely, we would have to have them forced upon us before we would change.