One thing that may save us is the domestic oil and gas industry. We have a lot of oil right here lots more than Saudi oil.
The problem will quickly become a shortage of water to process the oil sands/shale oil...but yes, we are projected to be self-sufficient by 2025-2030 due to massively increased drilling, new technologies to recover oil in existing fields and better fuel efficiency.
The water issue will be pretty tough though...given that there is already water rationing in those same areas that the oil is.
No such thing as a free lunch afterall.