Charon, as always, brought up excellent points. We do have decades to make a transition, so I see no (outside of political) reasons to press the panic button now.
Corn and wheat prices are at a ten year high. The world has about a 60 day supply of carryover grain stocks, the lowest supply in 30 years. Egypt, Mexico, and Japan, all large importers of US corn, are very concerned. If we decrease corn exports, Mexico and the Sub-Sahara, where corn is a staple food, would be the hardest hit.
Since we are not making more oil, (at least not anywhere near the rate we are consuming it), bio-fuel is a necessary supplement. But the people who believe that we can simply grow 140 billion gallons of gasoline per year are deluding themselves.
Lazs is right when he said that something else will come up. That something is hydrogen. It has nothing to do with delusions, mysticism, or wishful thinking. It is a matter of physics and engineering. It is the most abundant element in the universe. It can be extracted from water and produces oxygen as a by-product. When recombined with oxygen, it produce energy and water as a by-product.