The author isn't saying that all uses for oil would be eliminated. It doesn't need to be. It will take far less impact to ruin the oil industry. They've made

The author isn't saying that all uses for oil would be eliminated. It doesn't need to be. It will take far less impact to ruin the oil industry. They've made huge investments in production -- with 25+ year timelines -- that they'd be unable to make payments on if their incomes fall a mere 20%. And if the market for refined oil shrinks by even 10%, the glut of excess supply will drive prices down enough to put a number of companies deep in the red. Oil is currently profitable because of its huge scale, high demand, and generous government subsidies. Upsetting any of those variables threatens the industry's already thin margins.