Seems a little simplistic.
If oil prices continue to remain at or above $120 a barrel, the world will likely enter into a depression the likes of which very few people left on this earth have seen before.
There will be next to zero appetite for decadent 'renewable energy' when people can't keep the lights on at home.
https://www.9news.com.au/national/power-outages-electricity-shortfall-predicted-in-queensland-and-nsw-after-extraordinary-aemo-intervention/6b1f89e7-1c83-47c0-b29c-456712f7a0e5
High Oil Price Lithiums Greatest ally, page-44
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