As we go into the future and we have to face uncertainties such as oil supplies and climate change, as well as givens (IE: CAFE regs), the question has to be asked. Can technological advances make up for the brute force engines that we may have to give up? Let's look at a few things.
First of all, take a look the Nissan GT-R and it's 3.8TT V6 engine. It produces 473 HP, but it also achieves ULEV emissions standards. It propels a 3,800 lb. vehicle from 0-60 in a mere 3.3 seconds (Edmunds), but allows that same vehicle to achieve an average of around 20 MPG. (According to Nissan specs.)
Another prime example is the Porsche 911 GT2. 530 HP TT F6, 0-60 in 3.4 and a top speed of 204 MPH. 23 MPG highway. Plus, there's Ford's new EcoBoost technology, which promises to bring significant performance gains to the lineup while increasing fuel economy.
And as for "normal" cars? Diesel technology will allow daily drivers to achieve excellent efficiency (often 50 MPG or better) while retaining good performance. Don't forget that Audi's dominating LeMans cars are diesel powered. With clean diesels burgeoning everywhere else, it's inevitable that they will start making the transition to the States in the next couple years.
So in conclusion, about that question I posed a paragraph or two before; the answer is yes. Absolutely yes. In my opinion, of course. Discuss.