Oil is a nice thing to have, but keeping China and Japan from going to war with each other is far more important because that conflict would fundamentally affect the US and Europe's economies.
Oil shortage would also fundamentally affect the US and Europe's economies by utterly annihilating them, followed by their populations. We're not talking about a bookkeeping problem like the current financial crisis, but an actual total end to almost all production. After all, even France, which runs on nuclear energy, still needs oil to transport goods, including food.
It's fun to live at the end of the era and see the abyss open wide and deep before us, eh? And nothing but windmills and a few failing old nukes to keep our technical civilization, just taking off now, afloat to cross it. And at the same time people like cayenne8 whine when anyone so much as mentions the controls.
Kinda makes one wonder if humanity's not currently encountering the Great Filter.