In a few countries (Iran, Libya, Venezuela), gas is under a dollar. Those places have a lot of oil

Venezuela trivia: Venezuelan crude is heavy/sour, meaning it is thick and has a lot of sulfur. There are very few (maybe only one) refineries tooled to accept it. Venezuela refuses to sell to the US, because we're terrible people. I'll leave whether we are or not to the side, but one of those few (or the only) refineries is on the Gulf coast. The Venezuelans sell at to the Chinese (who get a discount because China is far away), who don’t ship it to China, but instead sell it to that refinery in the US, buy the finished product and either ship it home or sell it to Venezuela. I’m not clear on whether China even can refine Venezuelan crude.

But here's the thing: There’s a lot of shale oil in the US. It’s light/sweet (a bit like nail polish remover), so a lot more end product comes out for every barrel of crude in. Sticking to heavy/crude is becoming a losing proposition for a refinery. So, it's just a matter of time before that refinery retools and Venezuela becomes a country that has oil reserves that are unusable as there is no refinery that can deal with their oil.

All that said, it's entirely possible to switch away from oil / natural gas and still have a climate catastrophe. We’re seeing it now — Germany is in process to switching to coal. Natural gas (methane) emits 50-60% less CO2 per BTU generated in combustion. Good to switch from coal to NG. The other way, not so much.