We aren't anywhere close to oil demand falling off a cliff, especially in this price environment. Those technological or societal changes are driven by economics, usually, where scarcity forces ingenuity in alternate energy sources. So until oil prices skyrocket back, I don't think you'll see alternatives as aggressively explored. What we are experiencing here are several geopolitical events culminating to oversupply issues but that doesn't mean an entire industry just quits or dies.
Climate change is a threat, but then you have natural gas as the logical step change, so that still requires the oil and gas industry. I think in the long run you'll see natural gas demand surge, oil demand slow or decline, however the big overlying factor in everything (as always) are geopolitical events that truly force changing pricing dynamics.
The industry is hurting, it won't die. Think about all the things oil and gas is used for...
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