When the petroleum reserves deplete, we will all probably switch to animal-powered transportation and, of course, human-powered(I am a fanatic of the latter). However, a horse needs to be fed and taken care of(not to mention its environmental footprint), while a bicycle(being an inanimate object) only requires some maintenance. Yes, I think the bikes are the future of short-distance transportation. There really isn't a better solution.
Long-distance transport will be problematic though