Each time there was an oil crisis annual CO2 emissions either stagnated or decreased.
1973 1st oil crisis after peak oil in US 1970
1973 2nd oil crisis after peak oil in Iran in mid 70s
1990 Collapse of Soviet Union after peak oil in West Siberia in mid 80s
2007 US recession and financial crisis after conventional crude oil started to peak in 2005
In Iran and Russia we see a collapse of production after the peak due to socia economic and geopolitical feed-back loops.
The response to the conventional oil peak in 2006/07 was Quantitative Easing and unconventional oil (US shale oil and Canadian tar sands). It allowed the carbon based consumer society to continue.