In the 1970s when oil demonstrated itself to be a finite resource, its shortage meant one thing: Inflation. But what we tend to forget is that the shortage occurred in an already inflationary environment. The baby boomers were moving into the economy in most of the West, the Cold War, Viet Nam and Apollo needed to be funded, and the S-curve of world population growth was at its mid-point. A shortage of oil was the last straw in the era of Stagflation.
Presently, however, the developed world is hovering at a nearly inflationless state, hoping not to move into deflation as Japan did during the 1990s. The reasons include productivity increases due to new (mass) technologies, a flattening or even falling population pattern in the West (and China!) as well as the graying of the baby boomers - signifying an evident fall in consumption. Increased consumption on the part of China and India will definitely have an effect, but it will not counterbalance the equation completely.
At the same time, economists around the world realize the hazzards of slipping into deflation, for our monetary system is dependent on the payment of interest rates. How are we going to keep at least a minimal of inflation around?!
OIL! Or the shortage thereof.
Whether we come up with real solutions immediately or not doesn't really matter. What matters is that more will be consumed (monetarily due to rising energy prices) and that a host of new activities will be unleashed in the attempt to solve oil's problems. It will certainly be good for the job market...
I'm not going to claim that everyone will benefit, but it will certainly be positive.