Well, they would double! Very simple econ 101 here. So what happens when oil keeps getting more and more difficult to extract> simple econ 101 once again tells us that the price will go up. Most people don't understand that mining costs are formed of up to 60% energy costs. Yes it takes a whole bunch of diesel and electricity to mine gold and silver, and I won't even mention how much energy is needed for refining them because I think you get the picture by now.
SRSRooco has a great article in which they use an overlay chart of oil and the US equities. They also do a good job explaining why the markets are soo overvalued, I understood all this - but to me the chart is also a reminder that at oil price $135 the price of gold would be at least $2600 and the price of silver at least $35.
Source:
https://srsroccoreport.com/the-stock-market-is-seriously-overvalued-based-on-this-benchmark/