EVs and renewables might account for reduced oil price.
GDP is no longer tied to fuel consumption. You can't fight near-free "fuel" and near-zero opex, the renewables slice is only going to increase. I wouldn't trust any metric or rule of thumb tied to coal/oil/gas prices any longer.
butchered quote: 99 buyers, 100 sellers: price goes down, 101 buyers, 100 sellers: price goes up.