You've forgotten all of the other sources we use to produce energy: coal, gas, hydro, nuclear, renewables, etc.. and a fraction also comes from oil.
So oil tripling overnight would not result in a tripling of energy prices. There would be a small increase as load is shifted to other sources.. and there would be an increase in transportation costs of solar panel delivery. But the cost of a panel would barely increase. And those factories near nuclear, hydro, etc plants would see a slight competitive advantage over those in areas where energy comes from oil (but again, coal is a big source of energy.. oil much less so).
> So oil tripling overnight would not result in a tripling of energy prices.
By the very nature of energy, oil prices CAN'T triple without all other energy sources also tripling.
If there was a shortage of oil then the price of oil simply could not go up unless there just wasn't enough energy from other sources. Oil (and natural gas) are the most flexible of all energy sources, most of them are pretty maxed out, but oil and gas can adjust to take up slack.
> By the very nature of energy, oil prices CAN'T triple without all other energy sources also tripling.
This is false. You can't freely substitute oil with nuclear-generation as price vary. There are a huge number of cars and airplanes and plastics production that depend on oil.
So oil tripling overnight would not result in a tripling of energy prices. There would be a small increase as load is shifted to other sources.. and there would be an increase in transportation costs of solar panel delivery. But the cost of a panel would barely increase. And those factories near nuclear, hydro, etc plants would see a slight competitive advantage over those in areas where energy comes from oil (but again, coal is a big source of energy.. oil much less so).