Higher energy prices suck for the consumer in the short term. But they are actually GOOD for the US in the mid-long term. Entering the oil/gas industry last year, one thing I've discovered is the whole peak oil thing is misleading. "Recoverable" oil reserves typically mean what is economically recoverable. There is a tremendous amound of liquid petroleum that wasn't economically recoverable at $2.00/gallon, but is at $4.00/gallon. I read an article the last couple of days (think it was on Yahoo) that mentioned that US oil production was to peak in the early 2020's, but we surpassed that peak this year. Now it's expected our peak will be much higher, and we may be oil independent in the next 15-20 years based on increased oil production.
There is no lack of oil, or other fossil fuels. There is enough to sustain our projected energy needs for hundreds and even thousands of years. But drilling wells can cost 15-20 million dollars and then hundreds of thousands of dollars in remedial work per year. So whether it is economically viable depends on the price of oil.
We will never run out of oil, coal, or natural gas in the forseeable future. Just as the predictions in the 1950's that we would run out shortly were wrong, so are any predictions now. At some point, green energy will be cheaper to produce, and companies will pursue that instead. The higher the prices go, the greener our energy will get, as that technology becomes economically profitable.
So if you're an environmentalist, be thankful for higher oil prices!