Unfortunately, solar and wind and even nuclear do almost nothing to alleviate the impact that oil price has on the price of goods.

BEVs are far from being ready to be a part of the goods distribution market, even by land - power/weight is still far too low. Electrical trains are useful, but building up new rail infrastructure has been neglected and takes a long time. Even if BEVs were viable, battery production is limited, and electrifying the transportation industry would directly compete with increasing renewables on the power grid and the need to expand storage capacity to do so. The price of batteries would sky-rocket and cause inflation this way.

Secondly, oil and other fossil fuels are used for their chemical properties in a large amount of industries - plastics and fertilizer being the most obvious. The cost of oil going up significantly directly impacts all of these industries. Some uses could be replaced with cheap power generation (e.g. H2 production through electrolysis instead of natural gas breakdown), but that requires a massive expansion of the power grid.

So even if we were able to keep power from the grid cheap through renewables, fossil fuel prices exploding would still rapidly increase inflation, probably to unacceptable levels.

Of course, that still doesn't mean we should drill more. The right answer, given the unprecedented threat of global warming, is neither to increase oil supply nor to hope that increasing renewable will be enough. The right answer is to decrease demand - stop producing many unnecessary goods and burying them in plastic then shipping them halfway across the world. Ration the existing oil supply to the highest impact industries, and let other industries replace it.

Don't allow industry to keep using expensive oil while shunting the price off on consumers.