A nice image from Mark Rain titled Peaked Oil:
Why are the oil companies, facing extinction in 30 years, refusing to adapt or hedge? BP and Shell have abandoned their renewable figleaves and Exxon never bothered. Chevron has a modest geothermal business (which unlike wind or solar is technologically related to oil) but is not exactly betting the farm on it. Contrast the automakers, most of which have strong lines of EVs and hybrids. They won’t lose whichever way the market goes.