If oil cost wasn't a large-to-huge input to all the 'Alternative energy' forms (Except hydro and nuke power generation plants), yes, the upside of immense oil prices would be that all that alternative garbage would start to become economically competitive (More like at somewhere well north of $200 a barrel for most of it, though).
However, in the real world, the price of all the Buck Rodgers BS climbs right along with the cost of directly burning fossil fuel for energy, just with a more shallow slope.