As production continues to lessen the oil producing states will having increasing power over those who are still dependent on oil. Considering saudi arabia no longer has spare capacity, we have just entered this world.
We must decrease our dependence on oil.
Short term ideas. Combine errands, turn your car off instead of idling it for more than 30 seconds, walk or bike. Reduce meat consumption (to lessen the amount of grain that needs to be harvested, which reduces fertilizer and fuel use).
Medium term: switch to hybrid cars, increase penetration of mass transit. Buy some solar panels, even if it's just to recharge some rechargeable batteries.
Long term: redesign cities to encourage walking, bicycles, and electrified rail. Switch to urban organic farms.