Even a more centrally coordinated approach is likely to end up in roughly the same place as a laissez-faire market approach: building replacement energy infrastructure faster rather than slower as a reaction to a persistently declining petroleum supply. As long as that happens, the "energy trap" described by Murphy doesn't materialize. A major French response to the first oil crisis in the early 1970s was a government coordinated plan to build nuclear reactors [1].

It's only people pushed toward bad decisions by short-term desperation (weak government leaders facing rioting, individuals too poor to steer market investment decisions) whose behaviors would set up this "energy trap." Market-driven investors and rational governments alike will invest resources into reducing future consumption of an increasingly expensive fuel even if it somewhat exacerbates the immediate problems caused by higher fuel prices.

[1] Building nuclear reactors as a reaction to high oil prices made more sense than may be obvious now. At the time, France actually did produce a lot of electricity by burning oil. Oil-fueled electricity became much less popular after the 1970s except in petro-states and in isolated locations. Surprisingly, Pakistan managed to make the same mistake in the 1990s of building oil-fired electricity plants, which became very expensive to operate less than a decade later.