Are there good reasons to think that the rate at which oil is extracted and burned is independent of consumer demand? It's not far-fetched, but it would be surprising.
But I think that the total amount of oil that will be burnt only depends on the price of extracting the next barrel vs the price of other energy sources.
But I think that the total amount of oil that will be burnt only depends on the price of extracting the next barrel vs the price of other energy sources.