I remember the Energy shortage, the oil company that provided our gas through a non commercial source told us to use all we wanted at 21 cents/gallon while cars were lined up around the block at gas stations. One employee who also owned a gas station placed a 1,000 gallon tank in the back of his pickup to transport gas to his station. There was a gas shortgage but there was alot of hype too.
Electric or hybrid vehicle technology has not advanced to switch over the interstate trucking industry and Alternative Fuel providers cannot supply the amount needed. Boone Pickens, idea of switching over to natural gas in the interim is a very good idea.
I believe a pipeline around the Straits of Hormuz was very recently placed in service althouigh I can't recall the capacity and it wouldn't carry all the oil anyway.