Even if those kind of graph are bringing hope, we have to remember that oil is both a source of energy (by burning it) and a compact and cheap way to store energy. A solar panel is only the former. So comparing the cost of energy production is only half the story.
They will never stop drilling because oil is an amazingly useful resource - using it as a source of energy is about the least useful thing you can do with it.
Explain?
Everything is made out of plastic, and plastic is made out of oil.
Plus our agriculture in the first world is heavily dependent on fertilizers, that are mostly oil based. We are eating oil by gallons.
Fertilizer is oil based? I thought plants got almost all of their carbon from the air. Are you talking about the hydrogen feeding into the Haber process? Because most of that comes from gas-shifted water and IIRC the energy and carbon for gas-shifting water comes from natural gas. The nitrogen itself comes from air, of course.
Apparently, I was wrong, thanks for pointing it out, it seems to be actually natural gas dependent.
And yet, the majority of petrol is used on energy[1]. Replacing its use for energy will reduce drilling. Other uses will adjust to a smaller supply through adjustments to the cracking operations that will shift the remaining petrol to making chemicals.