Possibly? Take the money for nothing profit demanding market manipulating speculators out of the energy market (doable for Leaders and a congress with the necessary testicular fortitude) and not only will economies recover faster and experience (in everyone's interest) sustainable growth, but oil prices will stabilize a their natural reasonably profitable price?

Every western style economy rests on just two support pillars, energy and capital! And the (greed is good) whiteanting of either through harmful debt laden speculation or market manipulation? Has created mountains of misery and virtually bankrupt economies the world over!

And history bound to repeat itself endlessly until energy and capital are off the table and thoroughly removed from the hands of private and harmful speculation, or economic weaponizing!
Rhrosty.

The implication is that full tanks mean an oil glut, But they only represent a few days worth of consumption. When oil goes out faster than it comes in is when we should worry. At a hunch I'd say that's when production is about 20% lower than now, call it 80 mbpd from nearly 100 mpbd of all liquid fuels.

No we won't all switch to electric cars. People will lose their jobs and won't be able to afford EVs. On our present electricity mix we'd need to burn a lot more coal to power those cars. The only price prediction that seems likely is that it won't break $US150 for WTI which triggered the 2008 GFC.

Tas there's no imperative to burn coal to create electricity, save govt policy and revenue requirements?

And if it wanted to, government could finance the widespread rollout of waste digestors, that produce methane and use that scrubbed to power our homes 24/7; and given that rollout was accompanied by similarly financed ceramic fuel cells, not only provide endless free hot water, but power. heat and cool our homes! And for less than 25% of the current charges!

Using material that is currently problematic waste; and given the 80% energy coefficient of that smell free, whisper quiet combination, provide at least a 50% salable surplus, more than enough to keep a Tesla S family wagon 80% charged! And as standard practise, ensure around a 25 year life for the batteries.

And more than enough, given the range, for the average family's needs.

Otherwise a couple of rechargeable E bikes could fill in the gaps? Particularly if one could carry them on commuter trains/light rail?

The stone age didn't end because of a shortage of stone, and given battery development and the downward price of both batteries and electric vehicles, we won't run out of oil either and convert to locally available alternatives, and lower costing electric vehicles, well before we run out of the stuff!

I think most folks have had an absolute gutful of being used by government, power companies and energy suppliers alike as bled white, captive cash cows!

And mark my words, the most popular and electable governments will be the ones that act proactively to end that, with huge economic upsides for being first!

Even if that means financing manufacturing employee owned and operated co-ops(that's still private ownership and free market enterprise) into existence?
Rhrosty.