We get most of our oil from Saudi Arabia, who is an ally in the Middle East. Running out? Like I said, a finite natural resource that humans have pumped from the ground for nigh on 120 years. I have heard estimates on the low end of 15 years, and on the high end, 40 years. Basically, in our lifetime. It will take many years for the current infrastructure to shift to alternative fuels. I am still wondering why people are against preparing for the inevitable.
Maybe you have not had economics yet, but supply and demand is the basis of pretty much all pricing, period. Granted, the oil companies have an oligopoly on this product, so they can pretty much price it how they want, but if a barrel costs X dollars, they still need to make a profit.
Third, what oil companies besides BP give a rat's ass about alternative fuels? There is absolutely no reason why they should ruin what they have going for them.
Finally, I am not sure if you are aware, but gasoline is the most governmentally subsidized product around. I am not precisely sure, but I believe, per gallon of gasoline, there is somewhere in the range of 1.50 to 2 dollars of tax subsidy provided by the government. Compare this to the BioDiesel producer credit of 99 cents per gallon and tell me that the government cares so much about alternative fuels. The government is in big oil's pocket, think Dick Cheney, former CEO of Halliburton who was given what amounts to a 31 million dollar bribe when he relinquished his duty as CEO to become VP of the US.
As a parting comment, I assume those people you spoke with are referring to the gas crisis in the 1970s. This had absolutely nothing to do with running out of oil, simply that OPEC cut us off.