It's a good question really, and it's not as simple as "the basic economics [of energy]", and all that.... though that certainly plays a big role. It's easy energy, easy money.
We could have done something about it. We just chose not to. "We" being the energy companies, policy makers and people in charge 40+ years ago.
There's really only one answer - greed.
I'm sure you all heard about this:
http://www.theguardian.com/environment/2015/oct/14/exxons-climate-lie-change-global-warming
There is no doubt that the unprecedented energy source fueled our explosive growth during this time, but wouldn't you rather have slower sustainable growth over a longer period of time, than explosive feast or famine type of events? That's what we're going to go through now. Not to mention the unprecedented damage to our biosphere.
Instead of gradually adapting to the inevitable changes over the last several decades, the energy corporations that saw these changes as a threat to their profits decided these problems would simply go away if you ignore them. Then systematically deny them when evidence mounts.
We all know how well plugging your ears and going "lalalalalala" works in the real world.