I’ve been hearing this argument and it is plausible. But we had an energy crisis in 1973 and basically just complained about oil prices. We laughed at Jimmy Carter when he put solar panels on the White House. We elected Al Gore in 2000 by more than a million votes and watched the oil drilling Bush become president.
I think we need to continue and expand the pressure on those who continue to fail on this existential problem. I also see the possibility that the economic superiority of renewables could—possibly—doom oil. But probably not before oil dooms us.