In a single word... no, it won't kill the hobby. It may change it some for the average guy, but it won't kill it.
Europeans have been paying outragous gas prices for decades, yet they still drive and still collect cars. There is always methanol and ethanol and blends. We've come up with synthetic oils, so synthetic fuels are a distinct possibility too.
The wonderful thing about a commodity like oil is that no one is really sure how much there is. They can speculate, they can send ultrasounds into the ground. We may run out in 5 years, it may last 500. No ones knows for sure.