You nailed it.
The numbers do not lie so that is where we are heading. We know that demand is not going to wane. Even the most optimistic of forecasts by the EIA has our need for oil going up into the mid 2040s. There simply is no way to meet the the growing needs by renewables. While I can agree those are the future, it is a long way down the road.
Of course, we cannot overlook the need for plastics which go into computers, phones and soda bottles. As of now, there is no reasonable alternative.
So yes we are going to see things come to ahead as prices increase. We knew that oil production is going to slow based upon CAPEX over the past 4 years. It went down even before the pandemic.
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The policies are blanket and therefore will impact certain nation more harshly than others. There is absolute need for renewables, but we can't force the pace of their growth arbitrarily. If we do, which is the direction we are heading, then it will impact the price and society will pay for it.