Michael DW,
Your opinion is reasonable, but it is complicated by the in-elasticity
of demand for liquid fuel. I believe that the price rises at first will
not effect demand. There will be a price point where the demand will
drop very significantly, but I think that will not happen until
physical shortages appear.

To change our individual transport from petrol cars to electric will
take at least 20 years and will require major expenditure of energy.
This means, I believe, that the change to electric vehicles is not the
direct savings in fuel that many expect.

Once physical shortages occur rationing will be imperative to enable
those services such as emergency services, food distribution etc.