They will try, and it'll work for a while, but they won't be able to maintain it, and doing so would speed the death of oil As EVs get cheaper to buy, and more

They will try, and it'll work for a while, but they won't be able to maintain it, and doing so would speed the death of oil As EVs get cheaper to buy, and more importantly, to run, the petrol-fueled vehicles start to become uneconomical. As use declines, availability of fuel declines, as petrol stations become more unprofitable. Further encourages EV adoption. Range anxiety now comes to petrol-powered vehicle owners as it is now for EV owners, further incentivizing the switch. While the general impression is that this will be gradual, I think it will be a gradual decline, then sudden, as the overall inconvenience and cost levels cross. Then some minor precipitating event changes the overall mindset, and petrol-powered cars become a perceived liability, and those still stuck with them will barely be able to unload them. As the decline happens, OPEC will surely try to manage the price of oil, but with demand declining, one of two things will happen. To the extent that they keep the price high, they speed the transition away from oil. They are also much more likely to fail, as the US is now a major producer, and has every incentive to work against OPEC. Plus, their friends are gone. Teh car companies figured out in the 2008 price spike that the oil industry is NOT their friend as that economic crash and oil price spike forced them to look over the cliff of doom as auto sales nearly stopped dead. Then we saw Russia's blatant attempt to use their oil & gas supply to blackmail the world into yielding to their genocidal invasion of Ukraine. No rational businessman now thinks that the oil industry is a reliable supply partner, and will cut them out of the equation at the first opportunity. The oil industry and countries may have some good days ahead, but beyond the intermediate term, they are absolutely screwed.