I work at a University and I do research in the field of alternative fuels so I do know a little about what is on the horizon.
Yes, we can make our own synthetic fuels, most of which are ethanol, biodiesel, and yes gasoline can be made, but remember that biodiesel and "synthetic" gasoline are very similar to regular diesel and gasoline, they are all carbon based and therefore you must have a carbon based source to make them. All our crude oil is just carbon based material that the Earth has processed for us using temperature and pressure. We can do the same thing using high temperture to break down the carbon sources and than restructuring them into other type of carbon chains, i.e. gasoline and diesel.
For those of you thinking Hydrogen is the answer, I have one question for you: Where does the Hydrogen come from? The answer, we have to use energy, usually by consuming petroluem (natural gas, coal, etc.) to form the Hydrogen. There are other ways, but it takes a termendous amount of energy to so this. A Hydrogen economy is not practical today.
For those of you doubting hybrids and electric cars, I am sorry but they are here to stay this time. Yes, we can drill till our hearts content, and yes we do have a lot of oil under the ground, but it takes a lot of energy to get it out and it costs a lot of money. A lot of alternative energy sources will work economically when oil is above $100/ barrel. The high price of oil is here to stay, the world's demand is growing even if the US's demand is shrinking and that will keep the price high. If you think that oil companies will drill just off the coast of the US and keep the oil here you have a thing to learn about business. Oil companies will sell to the highest bidder.
I love Mustangs and muscle cars and will always love them, but big inefficient engines of today can't last much longer. If gas prices don't get them, regulations will. Remember, the car companies have to meet new MPG standards soon.
Also, for the person who mentioned water vapor as a green house gas, remember all combustion creates water vapor, but unlike CO2 and methane, water vapor falls back to the Earth, it is called rain.
Sorry for any spelling errors, I didn't feel like editing.