On the Majors--
Most major oil players are not just in oil. Exxon has gone out of its way to be seen as an energy company. Conoco has its hands in natural gas and most importantly has its hands on a ton of domestic oil. Conoco is THE largest independent exploration upstream company. If the world goes to crap and war goes everywhere and you live in the United States-- guess who's oil you are going to be buying. Guess who has the contract for Alaska now-- hint, not Exxon.
We are always one war, bombed refinery, one tidal wave, Katrina, or other natural disaster from extremely high oil. Always.
That said, the entire U.S. economy is based on oil. The entire thing. The roads, tires, gas, paint, plastics, natural gas power plant-- from the airplane, ship, farm tractor, dumptruck, semi, the packages of all the frieght, and the lights and electricity-- its all big oil now. All of it. That aint changing tomorrow. Tesla is good but not THAT good.
That said. I want prices low for a long time. I can build into them for a long time. Its also great for our economy. Im too much of a realist to think it will last forever. I don't think the majors will get choked out either. If you think our goverment will give GM a ton of money and then turn and give the oil majors the middle finger you are smoking something good. They are still too strong to need it right now and that says a lot.