I have no idea where you're from, but oil is not what it once was, especially in the United States. In fact, we have a very recent case study substantiating this claim: the closure of the Strait of Hormuz. The Strait sees 20% of the entire world's supply transit through when under normal conditions. Yet after being completely closed (then slightly reopened, and now almost completely closed again), the world is functioning relatively normally and is much less impacted than it would have likely been even 20 years ago.
My conclusion from the article is entirely different: collapse doesn't necessarily occur all at once. And given that, maybe to someone living through this collapse, they wouldn't have even recognized it.