Instead of griping about how bad petroleum is and that we have to, "do something drastic NOW!" we should follow China's lead. Drill like mad, build nuke plants, and develop alternative energy while using the technology we already know works. China has all kinds of mandates for alternative fuels like biodiesel, but they're not dropping other fuel sources to focus on that alone. When they start weening themselves off fossil diesel, they'll be able to almost seamlessly switch to biodiesel, and nuclear is already a long term energy source.
I never thought I'd see the day when I would say that places like China had the technological jump on us, but thanks to people like Gore and their constraining, backward thinking regulations, there you have it.