If we stopped burning oil for heating and power generation, that would leave plenty for our automobiles and reduce emissions if we use our own oil resources in ANWR, the Gulf, of the Continental Shelf, etc. Nuclear plants, cleaner coal, wind power where it is feasible.
Of course, man-made climate change is a sham and a scam. But, common sense conservation can solve most of our problems.
Not a lot of oil is used for power generation. Much of what is used is refinery "leftovers" like residual oil and petroleum coke. These are heavy hydrocarbons left over after products like gasoline and diesel have been removed from the crude oil.
Residential heating does take a very big piece of the pie either, but more than electric power generation.