The smart oil companies are investing in technologies that will sustain their revenues long after the fossil fuels dry up. Chevron gave $25 million to the University of California, Davis (UC Davis) to continue research into biofuel processing technology. The research will find new methods of taking cellulosic biomass including agricultural and forest waste such as leaves, stalks, and plant residue and turning into ethanol and biodiesel. They will also develop new plant varieties to make them better raw material as a fuel feedstock.

Chevron, which also is working with the Georgia Institute of Technology on biofuels, along with BP and Shell are all investing substantial sums so that they can be part of the transition from fossil fuels to renewable resources. That's in stark contrast to Exxon, which is not investing in its long term future.

UC Davis, which is one of the top universities in automotive and alternative fuel technologies, is part of the