When you consider that it can take an hour or more to get to the airport, and from at the other end, and you wait an hour at each end for luggage - you can see the appeal in Europe of high-speed trains for short to medium distances like the US atlantic corridor. Meanwhile, some states declined stimulus money for developing high speed rail in the USA; the news reports around it suggested a tea-party motivated effort to not spend taxpayer money, combined with a desire to embarass a president of the opposite party. Not a good start to trying to develop useful alternatives to air transport for short-haul travel.
I have travelled the Shanghai MagLev - quite the ride, up to 431km/hr for a 7-minute ride from the airport terminal to the edge of downtown. The US test track (DC to airport to Baltimore) was supposed to start building in 2005, then 2008, then 2010, now who knows?
The problem with alternatives to auto commuter traffic is it requires significant infrastructure to reach all across the suburbs; other wise, you still have to drive quite a ways to the station. At least with intercity highspeed rail, you just need a big parking garage at the central station.
What WILL happen, sooner rather than later - prices for oil will go way up. Airline ticket prices will follow. This will happen in waves, due to one shock after another. The shortsighted airlines will assume things will return to normal after “this crisis” is over, and not cut back enough, and go under. The smart airlines will plan for longer term high prices - less capacity, more efficient airliners, etc (the dreamliner was aimed for this market). Point to point may become more efficient than hub traffic, since a substantial amount of the cost of flying is taking off; ticket prices that exploit the market for last minute travel may become more complex, as airlines do whatever they can to squeeze revenue from otherwise empty seats.
We have passed peak oil according to many pundits (cue the Great Debate). Places like the big Chinese cities may as well be first world - they are wall-to-wall cars, no longer bicycles. Places like Bangkok are notorious for traffic jams. Indian cities are catching up fast. Russia has plenty of cars now. Whatever gas we don’t or can’t buy, others will. If we discovered another Saudi Arabia, it would not solve the problem.
Cars can run with smaller, less powerful engines; with electric assist or hybrid technologies, like the Prius or Chevy Volt; or even pure battery power. A hybrid works because typical cruising for an auto uses about half or less of the peak power output of a typical engine; use use battery asist to accelerate, recapture braking energy in stop-and-go traffic. Aircraft do not have that luxury, they typically cruise close 80% or more of peak engine power. Batteries are heavy, which is not a problem for smaller wheeled vehicles - but does not work for aircraft.
Biofuel is cutesy green, but in the long run not a solution. There is not enough biomaterial to match the amount of oil we need.