Let's look at oil consumption in the US. Almost 2/3rd of the oil used in the US is used in transportation. Every sector of the transportation industry has alternative options to fossil fuel oil. The current estimate is gas cars are going to be collector items within 20 years. One of the tougher areas up till now has been to find alternatives to fossil fuels for jet fuel. But we have them now.

https://www.chemistryworld.com/news/new-cheaper-catalyst-turns-carbon-dioxide-into-jet-fuel/4012981.article#:~:text=Synthetic%20jet%20fuels%20have%20been%20made%20by%20reacting,catalyst%20in%20a%20hydrogenation%20process%20called%20Fischer%E2%80%93Tropsch%20synthesis.

Oil has already been displaced in most of the country in the production of electricity (down to 1%) and it is rapidly being displaced for heating.

So, expect within 20 years, oil demand will largely be for industrial applications. About a third of domestic oil consumption today.

Not surprisingly nearly every industrial application has alternatives to fossil fuel oil including synthetic oil. My family's business was a big user of oil in its production (a huge blast furnace), but in the 70s, it switched to natural gas, more recently new technologies are using electricity. I can't think of a single industrial application without an alternative to fossil fuel oil. Even plastics no longer need "oil" and instead can use corn.

You are right the transition cannot happen overnight... but it hasn't been. It has been going on for more than 50 years. The initial challenge was how to do it... most of that has been addressed.

Now the challenge is how to make it cheaper than oil.

I really have a hard time thinking what the world will need harvested oil for in 25 years... much less 50 years.

My household uses a small fraction of the oil it used 20 years ago and consumes as much energy as it did back then. I transitioned away from fossil fuels around 10 years ago when alternative technologies made it practical and cost effective.

I don't support Biden's green energy policies because I think they emphasize CO2 emissions over finding lower cost energy alternatives to fossil fuels. Globally, the world will migrate away from oil when cheaper options are available... artificially pushing up oil prices in the US with various taxes does not produce cheaper energy and while a wealthy country like the US may get away with such a policy, it will do little for global carbon emissions.

Alternatively, if we don't invest in making other energy sources cheaper, we will gravitate away from oil when it becomes more expensive due to scarcity... but that is something down the road much farther than you think. I have heard the mantra about running out of oil since I was 7. I am now 67.