If you guys read the article, you would know the author does not dispute that oil can be made from alternatives. But it is much more expensive, less efficient, and will take years to be integrated in the economy to the extent that cheap oil is. That is the gist of his doomsaying - that even though alternatives are available, the shocks caused by peaking out on oil (where production declines 3%/yr (Cheney even claims this) while the world economy and population continue to demand more oil, and speculators drive up the price - these shocks will come too rapidly for the economy to deal with and the world will have a catastrophic financial meltdown.
Now that is 'sky is falling' rhetoric based on indepedently extrapolating present trends. We can assume that the real trends will be interdependent and self-moderating, and so his claims are absolutely worst case and won't be realized. Plus he seems something of a huckster as his website offers items for sale related to the predicted crisis.
Having said that, I believe cheap oil is a non-renewable resource until I see scientific proof otherwise. In 1998, oil was around $10-15 a barrel, and now its over $60. I'm not selling the SUV just yet, but I probably won't own another one, and I'll probably make the switch from a powerboat to a sailboat in the next few years. Soon as I'm too old to slalom.