I think there are two big problems:
First: Everyone who is not in Europe or the US wants the lifestyle (and the massive ecological footprint it leaves) of those places - I'm not sure if the planet can support that sort of lifestlye for everyone on the planet. But we now have China and India q.v. the population statistic post on this board, who want to catch up and catch up fast. That means more pollution everywhere which is going to affect everyone.
Second: To my mind the most important contribution that oil makes to the world economy is in the manufacture of plastics - not petrol for cars. There are alternative energy sources to drive cars, and as far as I know apart from hemp which can can be used to make some limited forms of plastic like substances, we don't have any other material which can make the plastics to the tolerances we require in industry apart from oil.
What it boils down to is that people are going to have to change their lifestyles because if we follow the present industrial/economical course we are following as a planet the future is pretty dim unless we find some amazing techonolgical breakthrough very quickly.
Talking about emissions being reduced in the US makes no sense if the industry which is producing goods for the US economy is in China or India who are not eco-friendly in their production processes ... but cheaper. All it means is that production is going to move to those places.
Still, I don't have kids and I don't think there's going to be some sort of ecological meltdown in my lifetime. But for those of you who do, you might want to take your heads out of the sand.
Ravs