Oil Shortage!

What's all this I hear about us going into an oil shortage? I also hear about the prices of the everyday things taht we buy can also rise. That also tells me how dependend on oil we are, we depend so much on it that we need it for everthing else that we buy at the store. Now the demand of oils is on the rise and there is going to be a limited supply of it available for everyone. But how bad can it really get? I hope I don't get to see how things will get.