Bush admitting that the saudi's may not be able to increase their production:
http://abcnews.go.com/Video/playerIndex?id=4140859
The whole reason about the rise in oil prices is that the middle east is probably unable to increase production. And if the middle east has peaked, the world has peaked. At the end of 2007 EIA brought it's date for peak oil back from 2030 to 2016. Shell's ceo Jeroen van de Veer expects that world peak oil production is around 2015. These are the most conservative predictions.
The only way for aviation to survive is the availability of an alternative, but there is nothing yet despite a long period of research: (pdf)
http://www.icao.int/icao/en/nr/1979/pio197914_e.pdf