The simple consequences of our addiction to fossil fuels is that there is going to be; a major recession, high inflation, high interest rates, increased unemployment, increased poverty levels, and many business bankruptcies.
It happened between 1980 and 1984 as a result of the oil price going ballistic after the Fundamentalists takeover of Iran, and nothing has been learned in the intervening 40 years.
I am already seeing many "gas-guzzler" cars for sale on the streets, and I'm seeing numerous "luxury 4WD" models being transported on dealer plates from the city to the country, where the wealthier farming clientele are obviously picking up trade-in bargains, as city owners downsize or trade in on EV's.