There is no guarantee that the price increases will be gradual. If exporters of oil all have low time preference (which they do), then plummet could come very

There is no guarantee that the price increases will be gradual. If exporters of oil all have low time preference (which they do), then plummet could come very suddenly as wells start to go dry with no replacements (eg, an 80% drop off over a ten year period). There is also no guaranteed that we'll be able to find a suitable replacement. Only nuclear has anything close to the EREOI of oil, and nuclear plants takes a lot of time to build.