The OP and others inadvertantly combine two very distinct fuels:
“Avgas” is a high octane gasoline/petrol product burned in the internal combustion (“piston”) engines of small private planes. It used to be available in 4 leaded grades and over the last 30 years has slowly morphed into essentially one unleaded grade today, at least in the USA.
It may well die out in a few years because the formulation is expensive and it needs a completely separare production and transport infrastructure. As the volume dwindles, the overhead costs are skyrocketing. A crisis of supply of some sort is widely predicted within 10 years, having nothing to do with the availability of crude.
The other fuel is “jet fuel”. It’s burned by airliners of all sizes, including the smaller propeller-driven planes with 20-50 seats as are commonly flown by the big airlines’ feeder partners.
That fuel is essentially filtered kerosene with a couple of special chemicals added to limit water absorbtion. It has a much lower inherent cost of production than avgas, as well as no problem with dwindling demand.
As to possible synthetic sources, the heavier kerosene is much easier to make than avgas. As well, turbine (“jet”) engines are pretty forgiving about what they burn. With a few minor tweaks they’ll run acceptably on diesel or biodiesel today.
The regulatory hurdles are large, but swapping commercial mass-transportation aircraft to an alternate quasi-diesel fuel source is not a major engineering problem at the airplane end. Building the infrastructure to manufacture the needed volume of alternate fuel, now that’s a different matter, and one I’m not qualified to comment on.
Economics are another matter. In the US at least, airlines make profits with jet fuel at US$0.50/gal. At US$0.80/gal they’re losing money. Fuel is roughly 1/3rd of total operating costs, and if fuel was US$ 5.00/gal, the cost of tickets would have to rise 3x or more. That’d have a chilling effect on demand that makes the last 2 years’ recession/terrorism-driven doldrums seem like a boom.
And that’s ignoring the feed-forward effects of the price of all other inputs going up as everyone in the supply chain grapples with their fuel costs.
With due respect to the OP, a 5-10x bump in fuel prices will be so disruptive to the entire economy that it’s impact on the airlines is small stuff around the edges.
The good news is that while it’ll happen pretty quickly once it starts, it won’t be an overnight spike, a la the OPEC-induced crises of the '70s. It’ll be expensive and disruptive to retool that quickly, but it won’t be impossible. I HOPE :-o