What low cost? Fuel costs about twice as much as 2020,
Yeah, that happens when you cut all domestic oil. Look, I'm all for electric cars and nuclear, wind and solar. But you don't fuck the economy, well, just because.
Like it or not, there's a specific amount of oil that is going to be needed each year. That amount is coming out of the ground no matter what. It can come out of countries who support terrorism, have extremely lax pollution laws, or just be dirty and dangerous as hell to get. But it will be pumped out of the ground.
So you can pump it from easy sources that are monitored well in the US and use pipelines. Or you can force it to come from more risky areas and ship it by train/tanker ships. Which also cost more as well and are more likely to have accidents. It also gives more control over the oil production to unfriendly folks. The US is going to screw itself as it is if the R5 becomes the currency of choice for oil pricing.
The other thing no one seems to want to discuss is even if all gas and diesel powered cars and trucks were taken off the road tomorrow, we well need oil. About 10% of the average gasoline powered car is plastic by weight. It's higher on an electric car. Plastic is made from? You guessed it, oil. 8 to 10% of all oil pumped out of the ground goes toward plastic production. The amount needed will go up as electric cars gain market share.
Furthermore, just about every moving mechanical thing on the planet need some form of lubrication. There's also asphalt. currently a barrel of crude oil is processed 45% gasoline, 29% diesel, 10% plastic, 9% jet fuel, 3% asphalt, 1% lubricants. The rest is used for lipsticks, aspirin, and other miscellaneous stuff.
Even if we get rid of the gasoline vehicles tomorrow, you can't use the 45% of oil that is refined into gasoline into something else. So the same amount of crude oil is still needed. Probably more for the increased need for plastic in electric cars. Likely an increase in Diesel as well because of all the mining needed for rare earths in batteries. More asphalt will be needed as roads wear more due to the heavier weight of electric cars. The cost of everything made from oil will have to go up as the refineries will be losing 45% of their profit product as well.
Even more fun, electric cars put off a lot more particulate matter from tire wear than gasoline cars. The particulate matter size given off from tires has been liked to increased cardiac disease.
It's a multifaceted issue and really needs a lot more thought than the average person wants to put into it, let alone a politician or anyone with an agenda. I don't know what the answer is, but a lot more thought needs to be put into it than "oil bad, the sooner we stop it the better"