That's the real problem with rising oil prices. IMHO, developed countries will do relatively fine. For those countries, oil is a relatively small part of the economy overall and changing the infrastructure to adapt will not be such a great ordeal, assuming somewhat competent leadership : synfuel, EVs, rail, etc. If the popular will is there, it can go very fast. I see no problem at a 100% transition out of oil then fossil carbon in less than 15 years.

But for intermediate economies like a good chuck of Asia, the story is very different. Just developed enough to use a lot of oil and have western-style expectations of standards of living, not developed enough to invest in more capital-intensive solutions.  They need to go for solutions that give them the biggest short-term bang for their buck, solutions which are also the most fuel intensive. And they depend on high growth to maintain their political stability...