I agree reduce consumption increase efficiency invest in new technologies the sooner we move away from our oil dependency the better . With the economic rise of China and other emerging economies (India) demand is likely to to outstrip supply no matter how efficient we become.
We will also benefit from not being so dependant on countries like Saudi Arabia which causes us to turn a blind eye to their awful repressive regime the sooner we do not count countries like this as an Ally the better.

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"One must never forget that monetary union, which the two of us were the first to propose more than a decade ago is ultimately a political project. It aims to give a new impulse to the historic movement towards union of the European states. Monetary union is a federative project that needs to be accompanied and followed by other steps." — Giscard d'Estaing and Helmut Schmidt