I’d like to get back to the OP.
Pretend we (ie the First World, not just the USA) now have a way to grow & process bio-whatever at sufficient scale & efficiency such that we are burning zero petroleum for all transportation uses, and also for all production energy needs of bio-whatever. Ballpark the entire process is therefore carbon-neutral over a couple-year time frame.
Coal & natural gas are still used in electrical plants just as now.
What else changes in the world? My WAGs:
Russia (?), Iran, Kuwait, Saudi Arabia, Venezuela, etc., have only 5-10% of their current oil-fueled income. Economic & social chaos ensue.
Other oil-producing, but not oil-exclusive countries (Russia, Norway, Britain, Mexico, US (?)) have some upheavals on both the supply as well as demand side.
US, Japan, EU reduce their cost of imported energy to 5-10% of what it was. Major shifts in current account balances, trade deficits, etc. Major shifts in currencies.
China’s coal use for electricity becomes the lion’s share of all net carbon emmisions planetwide.
Large oil tanker fleets become uneccessary. Meanwhile, a new trade springs up between First World countries in either the feedstocks or the finished product. Come to think of it, we may still need those tankers; I doubt the Swedes can grow bio-whatever as cheaply as the southern US can.
etc.