There are only 2 ways oil goes to 0:

1. We stop using oil because we have better, cheaper alternatives, as you already said. Alternatives are cheaper if they become cheaper, but also if oil becomes more expensive. Higher oil prices may stimulate some oil exploration in the short term in the places that have oil. Everywhere else it's going to cause a scramble to renewable alternatives.

2. We stop using oil because we have technologically regressed to the Middle Ages

I prefer option 1.