Oil alarmism existed as early as 1919: http://papers.sae.org/190011/
I mean, sure, if we search long and hard enough we will probably almost always be able to find/produce something, but I don't think asking 1 million per liter of gas would be such a great idea.
Hoping that there will always be a scientific breakthrough just "right in time" to solve our resource problems is great. I love optimism. It's also extremely irresponsible to depend on it.
But yah, a one time thing for us.