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Well, yes, but if it's far enough into the future it's kind of irrelevant. We can transition away from oil.
That was a key part of the argument at the time: there is no replacement! At that point, solar was much, much less efficient, wind was very much in the 'early experimental' phase, 'nuclear' was still a dirty word, electric cars were a joke, corn-based hydrogen was still a fresh and embarrassing failure, etc etc. No country at that point had ever grown their GDP without using significantly more oil & coal. The rhetoric was very much that we were stuck with gas cars forever, and everything else was a silly pipe dream.
The world has changed dramatically in the meantime--largely because oil prices started rising so dramatically.