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Whales became more scarce, production peaked and prices went up in real terms. Then along came crude oil as the solution.
Today we see a similar pattern in that whilst we're not actually running out of oil, it most certainly is becoming more costly to obtain. We've had an oil price "crash" this year but the harsh reality is that the price today is still high by historic standards and that says all you need to know.
We've gone from low tech wells on land which gushed vast amounts of oil under their own pressure to having to use hydraulic fracturing to extract dramatically smaller amounts of oil per well at higher cost. That there is the situation. We're not running out of oil but the most easily obtained oil is either gone or not available to the market due to politics etc and the cost of supply is increasing over time in real terms.
Hence we've seen oil mostly phased out for power generation, boiler fuel and so on. It's not zero but it has been in decline since the 1970's and in many countries is now at a very low level.
In the Australian context the NT and WA are the only states (ignoring the technicality that the NT isn't actually a state since that's irrelevant in the context) which are significantly reliant on oil for power generation. In the NT it's about 28%, in WA it's 6%, in every other state it's trivial.
Much the same in most countries. Go back to 1973 and oil was just over 22% of global electricity production, second only to coal, but there's very few places where it's the major source today.
Most of those involved in all this take a pragmatic view not an ideological one. Economics drives decisions and as everyone knows, transitions take years and usually involve equipment being run to the end of its technical life and it's at the time of replacement that a new technology is applied.
That's the likely scenario with cars. A point comes where new cars are electric or hydrogen, and it's only the older vehicles using petrol or diesel the use of which then gradually declines and ultimately goes to zero.
And in a decade or two, we may have electromagnetic propulsion vehicles. So lets just calm down on all the infrastructure spending with small scale recharge stations in residential streets and massive powerplant building.
There is still plenty of crude oil to last us for centuries.