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The United States alone consumes nearly 7.5 billion barrels of oil each year. It would practically be a miracle for an alternative to be found and compensate for the forty percent of energy that oil accounts for in this country, and similarly the world. Oil is an amazingly efficient resource. It is transportable, and diverse, but most importantly the profit from selling oil far exceeds the price of retaining and refining it. It is very unlikely that a similar alternative will be found in time.
The most obvious of questions peak oil is going to create is the problem of transportation. Automobiles are the primary source of transportation in the United States...
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