Where does the electricity to charge the EVs come from? You can't just assume that it just magically appear. It will largely come from oil, gas, and coal generating plants.

EVs won't drastically eliminate the use of oil, they will just change where the oil is burned.

In the US, the percentage of electrical generation from oil is very close to zero. About 60% of generation is from fossil fuels, the rest from non-carbon sources. The fossil fuel component has been decreasing very slowly but steadily for a couple decades now.

You're right in the sense that the fleet penetration of EVs is tiny, and at current rates of adoption will remain small for a long time. But most of the oil companies are estimating that peak consumption will occur by about 2030. Beware the power of compounding. EV's energy consumption is a tiny fraction of the total transpiration sector at the moment, but that percentage is growing by a lot every year.

The die has been cast. The world's vehicles are going electric and there is no walking that back. That doesn't mean oil companies are a bad investment, but the handwriting on the wall is clear and everyone sees it. Everyone including the oil companies.