The good (well, maybe not "good") news is that colorado oil shale became economically viable around about $70-95/barrel, which means if fuel prices stay above $3/gallon, US domestic oil production could increase dramatically. It will take time to build up the technology and industry, though. People have projected it might be as cheap as $20-30/barrel. It has a poor energy return on investment, though- like every other alternate technology that results in a net energy loss (ethanol, I'm looking at you!) we'd need to build a bunch of nuclear power plants to sustain it, or else we'll just end up trading oil for coal.
