We won't survive, because the infrastructure necessary to cope with an oil-less world is highly unlikely to exist if current attitudes continue, and we will only be able to prepare for that world while we have an energy source available at the time.
When I say "we", I mean western, particularly urban, civilisation. Yes, we lived for the whole of human history up until the industrial revolution without fossil fuels, but we also knew how to. Most of us have forgotten the skills and techniques of farming, building and living in pre-industrial communities, and even those who are involved in agriculture do so on a massive scale, designed to feed millions and dependent upon so many others, and indeed, oil. The fertilisers that increase our yields enough to support our population, and the pesticides that preserve those yields: their production is enabled only by the energy we get from fossil fuels.
The best-case scenario of this worst-case scenario is that only those of whom industrialisation never reached, and those who flee to them, will survive. The aboriginal tribes who maintain their culture in the farthest corners of the globe, and remote villages in places such as Nepal and South America, these are the people who can feed themselves without the infrastructure powered by fossil fuels that we here depend on.
Of course, we can avoid most of this by beginning the switch to renewable resources now. The technology we have right now cannot feasibly achieve what we need, but we must not give up the research that may one day do so. Hopefully we will be able to become independent of fossil fuels before they run out, so what is left can be preserved for recreational pursuits, such as operating vintage vehicles. But we do have to do this now- we cannot build wind turbines without the energy to mine the ore, refine the metals, smelt the allows, produce the components, assemble the device, lay the cables between the turbines and the transformers, and of course, transport all the pieces around at each stage.
We have to act now because consumption is increasing exponentially, and the last oil shock will come as more of a shock than it would otherwise. It took over 150 years to consume our first trillion barrels of oil. It will take less than 30 to consume the second.
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Petrol: What will happen when its gone?
Will we turn to different fuels? 
Will we try to be more environmentally friendly and go back to cave ways??
What do you think will happen? 
