I don't think even my great grandchildren would see the end of oil if we were to allow consumption to continue as it is today. There is an immense amount of reserves in the world.
That being said, there is the option 4 which the EU and US are talking about right now: economic punishment. Adding a "you don't have a carbon tax" levy on imports is a good way to motivate other countries to adopt technologies and ways of thinking that the rich countries of the world are pioneering for high quality but low carbon lifestyles.
That’s option #1 above. The problem is the instability of it as economic incentives continuously push you in the direction of increased consumption / changing public policy.
That being said, there is the option 4 which the EU and US are talking about right now: economic punishment. Adding a "you don't have a carbon tax" levy on imports is a good way to motivate other countries to adopt technologies and ways of thinking that the rich countries of the world are pioneering for high quality but low carbon lifestyles.