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Notes -
Eventually electric cars will reach a level of adoption where oil is less immediately critical (the demand for ships, trucks, trains and planes which are harder to electrify will be easier to satisfy). But that's a ways off and in the meantime we've avoided crisis by eating into inventories and strategic reserves to the tune of ~6-7 million barrels a day. If thing continue that will eventually have to come out of demand destruction through prices high enough to reduce demand and gas demand is pretty inelastic. I'm not sure you can get 1970's style crisis without the political component, but prices and inflation could definitely be squeezed quite a bit higher.
The US though probably is past the point it matters. Provided we can figure out how to legally ban oil exports domestically so the US market balances on domestic supply/demand.
It can hurt the rest of the world. But we do have policy levers for it not to effect the US.
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