If you want to see the end state of lack of oil, look no further than Cuba's current state of affairs. It's dire.

Also for the naive people in the comments who say "invest in renewables" it's not that simple. You can buy electric cars but the car's whole manufacturing process had multiple steps that required oil. The same applies to everything, it's not a single layer issues, it's a multi-layer issue that needs addressing from the ground and takes years and years with full investment. The boats, the planes require fuel. The industrial machinery requires fuel. We need to address it from the ground up and it's not an easy feat.

We should 100% invest and diversify energy production, but the reality is that even if we had a surplus of renewable energy on the grid, that wouldn't save a country because there are too many cogs that need oil right now that need replacing.