Oil and fossil fuels are of enormous importance. Its definitely a major resource and part of the global economy. The price of gas and such isn't up because there is actually less oil its due to oil producing countries reducing their exports in an attempt to make more money combined with the non-oil producers stockpiling.
As it currently stands its impossible for the world to function in a way you'd recognize without oil. End of story. We could survive but the level of modernization would drop off. The only real way we could continue at even close to our current level would be to switch over to nuclear power and then through that electric power. Still we'd have to make that transition prior to having no oil/fossil fuels because we would be unable to convert without oil/fossil fuels.
Thank you coffin! <3 i cant give you rep because "You must spread some Reputation around before giving it to C0FFINCASE again." Bring back thanks!