CO2 emissions are cumulative, and there's far more CO2 still sequestered in as-yet-unburned fossil fuels than even the rosiest estimates say our atmosphere could safely absorb. That implies that we're going to have to leave some sizable fraction of our planet's remaining oil in the ground, permanently.
From a long term betterment of the species standpoint, what we really want to be seeing is the global supply of oil starting to taper off and costs per barrel drifting slowly but steadily upward.
The space where oil is competitive is transportation. We are seeing massive gains in efficiency in that space.
Even with electrical generation it's a mixed bag. The recent US fracking boom has also dramatically lowered the prices for natural gas. Natural gas burns cleaner than coal, so to the extent it's pushing us away from coal consumption it's serving to buy us some time. But it's still desequestering carbon, which means we're still going to need to stop well before we run out of available natural gas to burn.
My whole point is that I believe clean energy can stand on its own feet, and that when it does, fossil fuel use will plummet dramatically to almost nothing.
In the meantime, having a plentiful supply of fossil fuels is good for the economy and for national security. The whole point is to have a ton available but never need to use it.
It's much easier to let the new technology speak for itself than to tell people, "Hey, we know what we're offering is no good, but it's what we've got to do."
Cheap oil will make green energy a smart business choice rather than a sacrifice. The optics on that are way better.