It would, but if it's anything like the last time gas was outrageously expensive, people seem to forget the high prices once they go down.

No one bought SUVs in 2008-2010, but now they're one of the most popular types of cars and ford has alltogether stopped making car models

Electric vehicle development has a large hysteresis, every time it’s pushed forward battery and component costs will fall, bringing new classes of vehicle below cost parity with combustion vehicles, that will only be reversed in part if the oil price returns to the same point as before.

Itd actually be a good thing for the environment.

The greater the cost the more conservation makes business sense.

If an efficient fridge is only 15$/month cheaper it's not replacing your current fridge. At 50$/month it quickly pays off.

We have crossed over into the period where renewable energy sources and related required infrastructure is on par or cheaper than fossil fuels.

It is now just a matter of capital costs replacing old infrastructure with new while ramping up the industries that provide the replacements.

Inefficiencies scale with ramp up speed, but if you increase the cost of fossil fuels those inefficiencies are more competitive so you get a faster ramp-up.