I doubt it. I wouldn't want to take my chances in the air either if the plane was running on an alternative besides oil.
Without any doubt a reliable source of fuel is necessary for aviation. Keep in mind that oil might not necessarily be the safest and most reliable source of fuel. Fuels from todays fuel source combust and the fuel itself itself is flammable. Also, fuel has to be mixed with air, and an improper mixture results in a loss of efficiency. Electric batteries currently face the problem of lacking sufficient energy density. If high Q capacitor storage ever becomes the norm, electric propellers might be able to become as efficient. Perhaps an external energy source such as a tower on the ground or satellite in the sky could transmit power to an aircraft so it does not have to carry a huge fuel source.
Of course today our commercial aircraft are designed for speed. An aircraft with a higher glide ratio that is designed to operate at 1/3 of the speed would consume much less energy, but people would not like to fly it because it would take 3 times as long to get to its destination. Still economy travel has proven to be more successful than luxury travel in todays day and age. This is the reason why airlines have been able to cut back on service in favor of transporting more passengers. Many airlines today don't even have business or first class anymore.