You might've guessed, but the problem is bigger than just putting oil in our cars. Moving towards electric propulsion is a big part of the solution though.
PHEVs

MIT Study Shows Grid Must Be Cleaned Up For Electric Vehicles to Reduce GHGs
Chevy Volt’s Lithium-Ion Batteries Road- Tested By Month’s End : Gas 2.0
GM’s plug-in hybrid electric car, the Chevy Volt, will have its lithium-ion batteries road-tested by end of the month. Engineers have already been testing the Volt’s electrical hybrid system, the so-called E-Flex architecture, but only with nickel-metal hydride hybrid batteries in place.
Google To Spend $10 Million on Plug-In Hybrid Electric Vehicle Project
As usual, Google is at the forefront of, well, everything. But this one is a little surprising: their philanthropic branch, Google.org, is putting $10 million into plug-in electric hybrid research and real-world testing.