Of course we could spend more resources. I think half a trillion $$$ should do it. Fuck, make it a trillion. The central bank wouldn't even notice. We could even get China and Europe to kick in another trillion or so. We could have another energy supply down most likely within 10 years, be it fusion I, II, or III or some generation 4 or 5 uranium/thorium reactors.
Then what??? You mean all those millions of people that died because of Petroleum Hegemony died for nothing? That would be too ridiculous to contemplate.
No I don't see the USA taking the lead on this unfortunately. The "wrong" people would make all the money.
On the other hand it almost seems inevitable that a medium/high tech energy supply will eventually supplant petroleum. Personally I feel the guys in power now would sooner destroy the planet than give up control.