High price of oil may cut cost to environment
You made no reference to the most serious aspect of this dilemma — ie, oil is a fossil fuel which emits CO2 when burned, and we have to reduce the amount of CO2 released to the atmosphere if we are to avoid the dangers of unmitigated climate change.
As long ago as 2004, the well respected Tyndall Centre for Climate Change Research — when road transport CO2 emissions represented 26% of the total — stated that to stabilise CO2 at 450 parts per million in the atmosphere — now considered by many experts to be too high — transport emissions in Britain will have to be reduced by 60% relative to 1997 levels by 2050.