The industrial revolution significantly predates oil. Oil become a huge deal because it’s extremely plentiful and produced a huge range of waste streams people found a use for. Essentially the primary use would drive new extraction which would lower the price of every other output.

However, there are drop in replacements for everything oil does outside of arguably aviation.

The industrial revolution and the 20th century consumer culture would not have left the mark on the world it did if not for the fuel on the fire of petroleum.

Pumping gas is a big deal.

It gave us private cars and suburbs and endless roads and parking lots that would not exist if we had to rely on coal.

There are drop-in replacements for aviation, too, in the form of biofuels.

Nonetheless, the modern industrialized economy was built on the back of shipping that was only initially possible via petroleum fuels.

Before oil we had coal ships, coal trains, coal steam shovels, coal tractors, etc and even electric trolley from both hydroelectric and coal power plants.

Before electricity we had air pressure tools, and before that rotating shaft power from water wheels. I bring that up because IMO people overestimate how much and how quickly things have changed.

The tech isn't as important to the economy as much as the ability to scale, given current (or historic) technological costs.

Transistors theory and gate logic haven't fundamentally changed in decades, but would you say computing hasn't quickly changed?

Alternatively, we can bombard lead with protons to make gold, or generate net energy via fusion reactions, but alchemy nor fusion are currently economically impactful on the global market, except maybe as a line item for research.

People underestimate the importance of efficiency and economics when looking at things in a purely technological perspective.

Yeager broke the sound barrier in 1947 meanwhile Palmer the last bulk cargo sailing ship was profitable at the time and only sunk in 1957. That’s the difference between technology and infrastructure.

The world was largely built on older technology, you still see 3.5 inch floppies all over the manufacturering sector. So sure modern CPU’s are fast and cheap, but they changed the world much less than you might think.

Today’s wealth was mostly built on yesterday’s technology and infrastructure.

And sail ships, still plentiful in the early years of the 20th century.

>>there are drop in replacements for everything oil does

While somewhat true, the "drop in" replacements are often more expensive, or less reliable, or less desirable/usable than their petro counterparts.

Sometimes the replacements are all 3