I don't see the big deal, really, we're just entering another phase of civilization.
Think about it, just one generation ago my grandfather was born in a clapboard shack on the prairies into what we would now consider third-world poverty. Likewise, my oldest uncle had to start a woodfire in the mornings during the winter so they could thaw enough water to bathe before walking to school. We're talking full-on Grapes of Wrath stuff.
Now we live in downright opulence (comparatively speaking) with running water, electricity, much easier access to higher education, free healthcare (at least up here in Canada), multiple-car families as the norm, and a comprehensive set of institutions to safeguard human rights and freedoms.
We're now in 2008 and our little corner of humanity has weathered the storm of a massive economic collapse, two world wars, a cold war, outbreaks of disease, natural disasters, etcetera etcetera and yet we're still mysteriously plugging along and the quality of life for most people is still going up.
I'm not saying it's impossible, just look at that giant clusterf***k called Zimbabwe, but something way more drastic than higher gas prices and a few more hurricanes would be required to roll back the clock to even the way of life of my great-grandparents.
To play Devil's advocate, even if that scenario were to take place, would it be all that bad? I mean, our ancestors survived, obviously, and produced many fine achievements. Our descendants would inevitably get the wheel rolling again.
Problem is, not many people see things this way so yes, there will be a lot of panicky sheeple looking for a comfortable authority structure to take shelter under.