Re: " the fossil fuel industry would collapse"

You better hope it doesn't. Natural gas and oil are the primary sources of organic compounds and industrial gases used in manufacturing processes. If we no longer have plastics, you won't have any utilities (water, sewer, natural gas, electricity, etc). Also note that about half of the homes in the US are heated with natural gas and retrofitting them to use electricity or geothermal would be very expensive. Who pays for that?