I believe this will trigger a "reverse economies of scale" where gas will get more expensive and less profitable from the drop in demand making large refining facilities and the like less profitable. Which will cause closures, and further inefficiencies, and a downward spiral.

What I most hope is that the tar sands and fracking oil becomes fundamentally noncompetitive, and what is left is the remaining conventional extraction reserves.

I also hope it starves every petro-authoritarian state. Saudi Arabia, Iran, Russia, etc.

But that's still a decade away, a lot can happen.