"coal oil" was used interchangeably as kerosene, and was ubiquitous in the old days. It was produced by heating coal in a retort. At a certain price point, other methods for synthesis become feasible.
If we pursued a nuclear electricity production program with the same vigor as we did the race-to-the-moon, we could mitigate much of the oil issue. If a national goal of 20 new nuke gen plants in every State was concluded in a 10 year period, all of the petro freed from use would then be available.
As an aside, coal burning electrical power plants put thousands of times more radioactive debris directly into the air than is produced by nuke plants.
Unfortunately, we will not do the above, because American society is too lazy to require this from their elected representatives.