In 2015 we sourced our domestic natural gas -
Oil wells = 6,452,680 million cu ft
Shale gas wells = 15,475,887 million cu ft
Coal bed wells = 1,181,320 million cu ft
28% of our NG from oil wells. If the price of oil goes up we drill fewer oil wells and produce less NG as a secondary product. If the price of oil goes down then we drill more oil wells.
As per my comments on the car thread, a drop in oil demand will drop the oil price which will make ICE's more competitive.
True. But in short years a new car buyer should be looking at two identical cars, other than the propulsion system. One will cost less, be less onerous to power, require less maintenance, and offer a better ride.
Will most buyers purchase the more expensive, larger hassle vehicle or the less/less?
$5/gallon fuel certainly would drive EV sales faster. But I can't see a route for ICEVs to undercut the purchase and operating cost of EVs.
Then, not too far out, car companies will simply start cutting their ICEV offerings. We saw that happen with film cameras as digital took over. The lower featured models disappeared first, and rapidly. The top of the line fSLRs hung on longer but it wasn't long until companies quit spending money on development of new models. All the research/development money went into digital.
(Disposable cameras held on for a while. Cell phones with cameras quickly killed them.)