There is some truth in that, however, there are still huge reserves that have yet to be tapped (ANWR is one). But we have to be willing to exploit the resource...
Sooner or later the resource will dry up and alternatives need to be found...
Vegetable oil "biodiesel", ethanol, synthesized hydrocarbons... natural gas will also be on the downslope and a replacement will need to be found for this substance like methane gas.
I do not believe that we are one generation away from extinction though.. that's absolutely ridiculous!