Supply and Demand for Oil

If a new energy source was discovered, graphically speaking, what would happen to the price of oil? I imagine the demand curve would shift to the left and then followed by the supply curve shifting to the left, but wouldn't that produce the same price and lower quantity of oil? Someone help, need to show graphically what would happen.

If the new energy source was discovered and it's a perfect substitute for oil and can be produced at an equal or lower cost (we can dream), then the demand for oil will shift to the left (in the hypothetical world of economics theory). When this happens and supply remains the same, the price will go down at lower price.

The only time when it would produce the same price is if for some reason the oil producers all decide to cut supply to raise prices to the same level as they were prior to the introduction of the new fuel.

In practice, a lot of factors can come at play, so you need to think critically in these scenarios. For the purpose of your hypothetical scenario for your question, the above should be adequate.