Finally, out of the people posting in this thread, Odrade has made some sense. High prices are part of the market mechanism that will sort the problem out. It happened in the 70s, forcing Americans to downsize to compact, more efficient cars. And the high prices and profits encouraged oil companies to explore and prove up more reserves. This time, if oil really IS running out (and we've heard that tune before), the high prices will make other energy sources more viable.
I don't recall anyone volunteering to subsidise the oil companies when they were taking it on the chin with oil at $11 a barrel during the 90s. Why should they now give up their profits in the good times? They're businesses, FFS, not the social outcome arm of government. Besides, they ARE sharing their profits, by hiring more people, paying more tax on windfall profits, spending more on exploration, extraction and conservation, and they are doing quite well for the members of pension and investment funds that hold oil company stock.
Stephanus,
of the "Give business a break - it's paying the taxes that keep the roof over my head" class