The following submission statement was provided by /u/Chris_ChargedEV:

The CEO of FreeWire Technologies is in as good a position as anyone to understand the relationship between oil and charging—his EV Charging company is working with several major oil retailers.

In this video he explains that Energy is the only S&P 500 sector that overperformed in 2022. Chevron and Exxon alone printed $200 billion in earnings in the last 3 quarters. Where are they going to spend all that cash?
Some of it is sloshing around in the EV infrastructure industry. Sosinov lists just a few recent announcements—plans to invest billions of dollars, and to build tens of thousands of charging stations.

They know that their industry is facing an existential threat. Investing a few of their billions in EV charging is the only logical thing to do. Sosinov also believes that quick-service restaurants will soon launch another wave of EVSE investment which will represent a whole new category of competition for Big Oil's convenient store business model.

Please reply to OP's comment here: https://old.reddit.com/r/Futurology/comments/znnd4p/heres_why_big_oil_companies_are_investing/j0hzsri/