You’re right, I would add however that the surging price is going to drive the use of alternatives and the development of even better alternatives. My guess is TDP (thermal deploymerization) is going to become very well known, especially in conjunction with sewerage and waste processing. Diesel can be from many sources.
Yes -- and faster than most people realize.
The oil buffs on this thread, however, still don't need to be worried. Oil has a long future ahead as a blending agent with ethanol.