Can the economy survive the coming oil crisis?

Obama has given Iran x number of days to begin cooperating with the UN on their nuclear program or they will have sanctions placed on them, Israel say's we should stop all refined petroleum produts from entering Iran, Iran has oil but little refining capacity, Iran say's if we place sanctions they will cut off all oil too the western world. Now if this scenario happens, oil will go too incredible prices, and the super great depression will happen. Unless we are ready with alternatives too oil, such as electric cars, bio-fuels, vegetable oil based plastics. Many things are made from oil and we don't make enough oil, we have a lot of oil in the USA, some is hard too get too and it will take time too develop and their is natural gas which we have a tremendous amount of. The point is, oil and the middle east could cause us alot of trouble, potentially crashing the economy beyond bad, especially if war happens with Iran, so we better get prepared.