People these days are trying to find alternatives to petroleum based products. People in the know buy beeswax-based chap stick, natural toothpaste, etc.
I remember when I was maybe 15 going to an "Empire Farm days" in Syracuse, NY with my dad (who was a dairy farmer at the time) and seeing biodegradeable corn plastic bags being handed out. Here's a link to something like that:
http://www.jobwerx.com/news/Archives/corn_050803.htmlSo a lot of the stuff we think of as requiring oil would most likely have an alternative product in its place.
Obviously without oil, rubber wouldn't have a synthetic version. We may be using ethanol or something akin to biodiesel for fuel.
Technology progresses slower? Perhaps. More likely though in my opinion we develop the alternatives quicker in the absence of cheap oil, and are probably therefore better off in the long run. I'd say by 2005 we'd maybe still be a decade behind or so in some fields, but way ahead on the important issues of today like dependence on foreign oil and curbing pollution.