The idea that the oil supply is going to run out has its supporters and detractors. Like most money-charged topics, the answer depends on who you ask.
Most intelligent analyses come to the conclusion that, regardless of whether there's a specific date at which consumption exceeds supply, the biggest threat lies in whether the supply lines are stable. Can the fuel be extracted without environmental disaster? Can it be transported safely? Will extraction and supply be threatened by war or political instability?
The most recent threat to the supply has come from the industrialization of China, which has stepped up the need for production. That development has spurred the U.S. government's aggressive incentive programs to develop efficient processes to produce biofuels.
Meanwhile, if you're looking to run your refrigerator, lights and phone off biofuels, you'll have to join the community of hobbyists and off-the-grid lifestyle advocates and do it yourself. The Internet is rife with their advice and how-to guides. The wherewithal is something you'll have to find for yourself.
Click to the next page for lots more information on biofuels.