This particular argument is a complete non-issue if we just do “nothing” and let the price mechanism work in the energy markets. There might be a long-term and permanent contraction that reflects the physical reality of energy becoming less available, but there will not be a proper collapse unless some well-meaning central planner tries to avoid it.
Except that by letting the market burn all available fossil fuels we'll get the worst possible case of climate change. And markets aren't known for thinking long-term; by the time we're going to be lacking fuels it will be a bit late to massively build nuclear power plants that takes years to build, massively install renewable and build / install massive storage, or adjust the entire world to less predictable electricity generation if using renewables without massive storage.
France has been doing well with electricity, thanks to central planning that pushed for nuclear. The problem is bad planning, regardless of whether it's public sector or private sector.
