I guess my question is at what point does the decline in fossil extraction become self-reinforcing. If extraction is going down, firms won’t invest in developing new resources. This means constraints on supply leading to higher prices. That in turn will drive less consumption (particularly as non-fossil alternatives become mainstream.) There is a potential feedback loop here that drives things towards zero much more rapidly than you might imagine. Anyway, one can hope.
Make no mistake, oil will always be needed for many purposes, but some of the big consumption drivers are starting to have price competitive alternatives.
It’s notable that half of all global oil consumption is used on roads.
You can’t turn back the clock on the fact that many of these alternatives now cost less.
There are also little oddities, such as the impact on gas stations along common commuter routes. There are a lot of marginal stations on those routes now. In some places, you'd only have to lose a couple of stations for commuting to be an annoyance.
And commuter traffic is an obvious easy target for EV automakers, once they move out of more premium segments.
