The oil companies know that they have lost the intellectual battle.  Now they are simply fighting to delay the inevitible restrictions and extra costs that will come.  They are playing a delaying tactic to make as much money NOW as possible.  Yeah, they'll still make money, but not as MUCH money and they'll be competing with sun, wind, and geothermeral.

Interesting thing about people that work with renewable resources.  They take a very long view of profitability.  If you ruin your soil, you won't make money next year.  If you don't replant trees, you won't make money next century.

People who work with non-renewables don't have view.  They have no incentive to take a long view.  They are the wall-streeters of the resource world.  :)