this argument relies on the false-but-widely-held idea that "natural resources" are commercial wealth and if you don't hold them you are poor. Look at Japan, has very limited natural resources and not hippies but has built a world-class economy on knowledge work. Look at resource rich 3rd world countries, why are they poor?
If Europe needs oil, they can buy it, it's completely fungible and sold at auction in huge volumes every day. The reason for the switch to wind and solar is the global warming argument, not the "we don't have our own oil" fallacy.