As Mark Twain said: "Get your facts first, and then you can distort them as much as you please." Trust me, it is not only the "left wing nuts" that fib and fabricate... if you think one political side or the other speaks the pure truth, you are deceiving yourself.
Why are we still importing oil? Well, because the discovery of (and writing reports on) a particular oil reserve on one day does not translate to the production of 19.5 million barrels a day of usable product the next. Estimates indicate it will be between 15 and 20 years before there can be any useful production, and that is only if it makes financial sense to do so (i.e. there is no cheaper alternative domestically or imported). Extracting oil from shale is not quite as easy as just pulling it out of the ground in liquid form.
I do agree with the premise that we will never run out of oil... but I do believe there will come a point where it is no longer affordable for lower class, then no longer affordable for middle class, and then only the upper class can afford it. At that point, there will be many alternatives available, so while the neighborhood teenage kid won't go ripping down the street with a big gasoline powered V8, I wouldn't be surprised if he did it with a pair of big AC electric motors, along with the V8 soundtrack pounding through external speakers...
In other words, I believe economically we'll be fine even if the cost of dino-fuel gets out of reach of the middle class.
What still bothers me is that we insist on digging up a carbon-based material that has been 'sequestered' by mother earth for millions of years and we spew it into the air and spread it on the ground and spill it into our oceans and yet a good portion of our population doesn't think that's a problem or thinks that those actions won't cause / aren't causing a problem... There is no possible good that can come of that. Mother earth will take care of herself, but that does not mean she will take care of her occupants.