Let’s not forget that oil is not just used as an energy source. It’s the basis of plastics, drugs, cosmetics and many more things, not all of which have substitutes.
How this will happen is not very clear (to me)
And most of that is lubricants and plastics. I think we can all agree that reducing our use of plastics is generally a good thing overall - we might make the switch back to more easily recyclable materials, e.g. aluminum and glass, which, although energy intensive to recycle, are almost endlessly renewable.
Not sure what good substitutes for oil based lubricants would be.
Oil is refined into many different byproducts. Some of the byproducts are used in manufacturing, and other byproducts are used in energy generation.