Short answer: if you have enough electrical power, you can do pretty much anything.
Electric and hydrogen fuel cell cars start to look pretty good when oil is expensive enough, and if you have electricity, you can get hydrogen.
Heck, with enough power and heat, you can make gasoline out of other things. Of course, then you'd still have the CO2.
And remember, oil is useful for a lot more things than burning in cars. You don't want to let it "run out."