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Oil is in everything!
A shitload of medicine is made from oil, artificial fertilizer is made from oil, plenty of clothing is made from oil, engineered lumbar is made from oil, and so on.
Oil is amazingly useful, not only energy rich, but full of a huge number of useful chemicals, it is also easy to process.
When oil runs out, modern society will collapse.
We can produce everything that comes from oil in non-fossil fuel versions. It will be a major world changing market disruption, but it won’t collapse the world.
Also, we’ll never actually run out of oil, it’ll just keep getting more expensive to the point other chemical sources become more economical.