Sure it does. If it becomes trivial to conjure the equivalent, then it doesn't matter if oil is gone.
My framing is sloppy (because I only talk about the future value of oil rather than the cost of obtaining the equivalent), but I think the point survives it, because the value of oil would drop to the cost of obtaining the equivalent.
My framing is sloppy (because I only talk about the future value of oil rather than the cost of obtaining the equivalent), but I think the point survives it, because the value of oil would drop to the cost of obtaining the equivalent.