[nostrademons]

It's not really implied, at least in the article:

"The best way to curb the demand for oil and promote innovation in oil alternatives is to tell the world's energy markets that the “externalities” of oil consumption—security considerations and environmental issues alike—really will influence policy from now on. And the way to do that is to impose a gradually rising gasoline tax."

Rather, the article assumes that people will worry their pretty little heads about climate change, fossil fuel pollution, or their societies being dangerously dependent on a volatile part of the world, and that will provide the political incentive to enact taxes that nudge the market to renewables. Or, if the political spark doesn't occur, the rising cost & instability of extracting that oil will provide the market incentive needed to switch over.

We already have invented our way out of this problem - solar, wind, hydro, geothermal, batteries, and electric motors exist already, as do fuel cells & electrolysis at a somewhat higher price point. It's just that those technologies are only recently competitive economically with fossil fuels. Raise the price of oil and suddenly there's no reason to use oil anymore.