Oil is strongly correlated to growth, which means with volumes of oil going down, the only direction our economy is going to take is also down: we're in for a recession and it's not going to stop soon. Now we can survive in a recession, but we (as a species) have never done it before on long durations, so it's going to be quite a challenge.

Considering that commercial fusion is nowhere near us for the next ~100 years, we're in for a very bad time.