Almost, there’s just 2 corrections:

eventually the price will be higher than it is for other energy sources despite there being plenty of hard-to-extract oil still left in the ground.

When that happens the oil companies will lobby to get special treatment and be subsidized because they’re “too big to fail”, and everyone depends on oil.

The second correction is that that has already happened: en.wikipedia.org/wiki/Fossil_fuel_subsidies