i think it's safe to say that the worries expressed in the OP are only held by the original poster and perhaps a few other very contrary minded observers. as such options that would pay off big if this actually happened are extraordinarily cheap right now. that probably means it's not a bad time to express this contrary view financially. the reason it's such a contrary view is because there is a lot of oil out there that would be viable in the $80 and up price. i follow a lot of companies whose stocks would really really do well were that to happen. and as a counter point, I would keep a close eye on the permian. apparently a very respected oil research firm has come out with a new report that suggests the success people are having finding cheap oil in the permian may totally offset the production declines in other parts of the NA. and don't forget that if the high price of oil does bring the world economy to its knees, with civilization itself at stake, the voters of California may ultimately say "ok fine, i need to put food on my table, you can go ahead and drill the Monterey Shale". and pot smoking slackers who protest every proposed pipeline in Canada may in the future alter their refrain to "drill baby drill!". this is why options on far higher oil prices are cheeeeep.
The US Energy Information Administration (EIA) estimated in 2014 that the 1,750 square mile Monterey Formation could yield about 600 million barrels of oil, from tight oil contained in the formation, down sharply from their 2011 estimate of a potential 15.4 billion barrels.[3][4]