For decades the US has been on the leading edge of information technology (I.T.) and this has driven our economy (and the worlds) to new heights of prosperity, but it's soon to be the 2nd most important industry.
Energy is where it's at this century. The age of cheap energy is over and finding, developing and deploying (mostly) renewable energy sources is where the action will be. Thomas Friedman (NYT columnist and book author) calls this Energy Technology or E.T.
The railroads lost the battle to the auto/truck makers in the middle of the last century by thinking of their business as 'trains' and not 'transportation'.
The Oil companies of today are doing the same exact thing (and recruiting the politicians, like McCain's VP pick: Palen).
It's about ENERGY, not Oil. Investing only in an energy source with a finite supply is a waste of investment.
It's too bad today's Big Oil guys don't get that they're in the Energy business... not, just, the Oil business. They have the money to make the transition, at least today. But they won't in 10 years.
Big Oil is going the route of the train giants of yesteryear: focusing only on today and not investing for tomorrow.