Just scare mongering. People have been predicting since the dawn of time that we're going to run out of one resource or another. At one point we were all going to starve by 1900.

There are more ways to meet energy requirements than just oil. There are 60 years of gas supplies, 200 years of coal, over 1000 years of uranium (and probably far more). All of these can easily supply our energy needs for the next century, especially if we start converting transportation into gas or electricity powered (which the market will do as oil goes up in price).

There may well be a recession caused by oil, but we're not going back to dark ages any time soon.