I somehow agree with this scenario that oil is the black gold of the industry due to that most of the expensive need of certain people is electricity aside from water of course, and electricity somehow comes from oil and this is one of the most expensive natural resources in which it runs vehicles and some other stuff. Just imagine a world without oil meaning no transportation services that operates due to the absence of crude oil.
I also agree and think so. Oil is needed in various sectors, even large industries really need oil to drive all their machines. I don't know what would happen if this became so rare. This has become a basic need for the industrial sector. Like water, if water is difficult to get, humans will die of thirst.