I don’t think there will be any “panic” other than the proper kind, a panic to strat drilling now, which is already going on. You’re buying into this “peak oil” nonsense faaaarrr too easily.
We had our chance, but killed the coal-to-liquid plants, the Superconducting Supercollider, the Apollo moon program, got the 1967 UN Outer Space Treaty to shut down all space development, stopped new and continuing nuke plants, sent the Army to occupy the world's main oil patch; the frog didn't notice the water was getting warmer even though he was told 30 years ago (Jimmah Carter said so and he was right for once but failed to act correctly) and now we still have 30 years of work to do and still haven't ordered the first truckload of steel. It will be expensive and we are already $20 trillion in the hole for no result whatsoever. Great track record.