The oil industry moves unthinkable amounts of money in the world which goes directly to the pockets of the establishment's members who rule their local societies on the backgrounds. That is the reason why electric cars and similar technologies are never fully implemented or opened to everyone for an affordable price.
Oil was indeed black gold many years, but it shouldn't remain like this anymore, because it's already possible to replace it, if there was legit interest from governments, businessmen and bureaucrats.

However, modern slavery is more profitable for them, as renewable sources of energy turn people less dependent, just like bitcoin and financial system correlation, so oil will last as black gold for a long time yet.