BUT
This is not a fully unreasonable scenario. There is a fair consensus that we are getting close to, if not past, the ultimate physical limit peak production of oil.
This will have some pretty long-reaching consequences.
Conspiracy theorists will tell you this is literally the end of the world, and the collapse of global civilization.
It won't be. We have the technology to change our energy mix, and as energy gets more expensive, more and more capital will be focused on research on just how to do that most efficiently. The free-market at work.
There WILL be a lot of upheaval. The sooner we get started the better.
"Drill baby drill" may cut it to give us some time to work on replacing oil, but if you think that all the offshore drilling in the world will do more than buy us a few years, you are mistaken.