Well yeah, their entire lives have been spent sucking oil dick, their entire foundation of their wealth is tied up in oil, and even though they’re rich enough to pivot entirely and never feel a difference in their lives, they’re stuck in the sunk cost mentality.

It’s too risky to invest in a brand new industry that’s on shaky legs. Never mind that it stopped being a “new” industry decades ago and has proven it will do quite well, and is thriving. They stopped paying attention to real life many many decades ago. As far as they are concerned, they didn’t have to do any sort of personal growth, so they are woefully out of touch with reality.

Oil is what was there when they (or their parents they inherited wealth from) were kids, so obviously they have to dig their heels in to keep oil from flopping. Anything else is secondary.