The biggest problem is with the booming industry in China, the world demand will go up from around 80,000,000 barrels a day to around 130,000,000 barrels a day estimated. so oil will never become cheap again as it used to be.
Prices in the nest 5 to 10 years will most likely double to 150 $US a barrel.
We live in the plastic age unfortunately and a lot of oil is also needed for all the plastics and synthetics.
If the oil peak is reached there is an expected downturn in daily production which will add to further oil price increases.
Countries like Brazil and Argentinia at least grow sugarcanes and make their own ethanol to keep the car fleet going. and less dependency on oil imports.