That common knowledge is what you were referring to when you said "the basic notion was right." I agree - it's misconception. Not sure how electric vehicles "deplete remaining reserves faster than before." Except perhaps natural gas. They are doing quite well on $50 a barrel gas. We did OK for 8 months with oil prices over $100 a barrel. You can argue that "industrial economies aren't thriving at that price" but that's fine with me. Honestly, from an economic perspective, no. Oil companies want prices to be higher, and they sell oil for the highest price the market will bear. Oil consumers want prices to be lower, and purchase oil at the lowest prices they can find. That's true of everything from food to iphones to sailboats. And if fossil fuels are cheap, then there's no incentive to do so.