There's a lot of rosy or false assumptions here.

For example, if every road vehicle became an EV tomorrow, global oil demand would drop from 100M barrels per day ("Mbpd") to... ~60M. And that assumes EV replacements for things we don't have EV replacements for yet, like long haul trucking. We also have avgas, for which there's no replacement, and global shipping.

But beyond fuel there's a significant range of non-fuel usages (eg industrial, plastics, construction).

There's another factor here too and that is that the oil economy props up the weapons economy. Nobody goes to war over a solar panel [1]. That sounds like a good thing (and it is) but you have to realize there are forces who like that oil drives war became war is a huge profit opportunity.

[1]: https://www.theenergymix.com/no-one-goes-to-war-over-a-solar...