Biggest problem I've seen by far is actually the refining capibilities. Our refinaries are running several decade old technology and the expansion of current facilities is almost non-existant. If we Biproducts of crude oil are kerosine and gasoline, probably some other stuff, and waste. We can't do without either kerosine for heating or gasoline for travel, however with optomizations in refining technology, we can cut down the wasted crude.
Or we can just use the process of coal straining - a proven technology developing gasoline by filtering water through coal (dumbed down). By using coal, one of the most abundant resources on the planet, we could essentially run on petrol for hundres of more years. If I recall correctly, there is enough coal in MN alone to feed just the country for over a decade if the refining establishments were in place. The only problem with this is that no compaines want to take the leap to coal-based-gasoline. Right now it's not cost effective, however, with more focused research, the time to cost-effective implimentation could be easily within 5 years.
ftw?