I'm not against hoping that things will improve, but there's a lot of handwaving here, and an indeterminate path to "oil is cooked".

Remember that oil/petroleum is used in things like plastics, fertilizer, lubrication, non-natural-rubber seals/gaskets, LNG extraction has helium extraction has a by-product.

Reduction in oil-for-transportation can be reduced (thus reducing climate change effects), with oil-for-other-things still being a thing.