I think what's missing here is the second order effects. refiners will adjust their crack, use blending etc but that's just a rounding error. you're still going to have demand for the other ~60% of the barrel, so refiners are going to have ~40% of the barrel to find a market for, EV's are going to look a lot less appealing when gallon of gas is <$1 (or ~$8 an mmbtu), and when its that price, people will find all sorts of uses for it (that's like ~1/2 the price of europe/parts of asia), all of a sudden people are going to be burning gasoline for power etc.

it'll be a roller coaster for sure, but i think there are going to a lot of interesting substations and knock on effects.