...the world's oil runs out?

The dependancy of the modern world on this precious resource will remain.

Some predicitons date this crisis as soon as 30 years into the future.

Will the world's nations find peaceful solutions, find substitutes, or could this even mount to WWIII?

Ummm, we can already make oil from coal and corn..... for the third world's sake, they better hope we choose the coal option!
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I'm sure that human beings will find out another substitute for oil before the supply runs out.Who knows maybe the new substitute would be in abundance in the third world countries , better watch out 8) , times can change

It's going to be Mexican Jumping Beans.

Or could it be flying hot dogs?

I think there's plenty of oil in other areas (oil shale, for example). Right now, it's cheaper to pump it. When it gets in short supply, it may be more ecnomically feasible to pull it from more difficult sources. Or the cost may be so prohibitive, alternative energy will come about.

Well, the world's oil supply is not in danger of running out anytime soon. Additionally, there is no petrolium based product that cannot be created through other means. Additionally, science is getting better and better at breaking down plastics, and even human waste or anything carbon based -- and turn it into oil.

Oil wont run out for some time, not in my life time IMO but just in case i'll go buy a Toyota Prius 60 city/51 highway

Ummm, we can already make oil from coal and corn.....

Ummm, sure we can, in WWII it was already done by the Germans and during Apartheid by South Africa.

I am aware of Oil Shale (btw: 2/3 of known reserves are in the U.S. - bugger for the 3rd world^^), Tar Sand and synfuels, but this doesn't change the problem.

"Peak Oil" is a theory that is not only backed up by idiots and the Oil crisis will come, even though we have theoretical substitutes, that would be many times more expensive than crude oil.

I strongly believe there will be dangerous conflicts over the remaining, easily accessible oil. And if you glance at current figures, you will find, that this is a problem of this generation.

Oil prices are going up, but it won't be $200 a barrel for quite a while!