Thats true. I suppose though next time there is a huge oil price spike - renewables and alternative energy tech will really take off. Once it hits a certain price then something else will substitute for it.
There are alternatives such as bio-diesel, which may become viable if a huge spike occurs in the crude prices. But the spike needs to remain for a long time. Vehicle engines need modifications before they can use bio-diesel. So the replacement will start only if the spike remains for a long duration.