Conserving our way to higher prices
My take is that, the rising costs will cause a break to new technologies. It didn’t make sense to do ethanol financially 10 years ago. Adding a few thousand to the cost of a car to improve fuel efficiency didn’t make much sense when gas was only $0.70/gallon and average gas usage would be $3640 over 5 years (assuming 20/gal per week).
I expect in technology in the solar and battery sectors to be able to move us off oil dependency for fuel, which will dramatically drop the cost of oil. Drastically evaporated demand won’t support massive increase in price once there is a reasonable alternative. In the past, the oil companies recognized this very clearly, but today they seem to be greedier, and forgetting the new competition that they are creating.