No it's not? What are you talking about? Most cars by FAR are still ICEs and that's the main market for oil. A few first-world countries have a statistically significant amount of electric cars, but the rest of the world is still driving ICEs and will continue to do so for a long time.
It's not just the capital cost of an electric car, which is still ridiculous compared to an ICE (most electrics are premium and sold to high income "eco conscious" buyers who can afford to choose to pay more). Even if electric cars became commodity, you can get your ICE fixed by a mechanic anywhere in the world but for electric you're still stuck to a handful of mechanics who went through training and paid all of the proprietary tooling needed to fix them.
You can practically buy everything you need to rebuild any popular engine in most cities around the world - there is always a shop that sells parts. With electric it's just either blackbox modules, or batteries. Both things that are either unrepairable or need very specific skills to do so. In theory electric cars should be simpler and way less prone to failing. They have a fraction of the moving parts an ICE has. But in reality they do fail and when that happens, it means thousands in repair fees.
Electric trucks aren't really a thing and won't be for a while either.
Gas is still Europe's preferred method of heating.
Oil is still a huge market and it will be for probably at least 20 more years.
I also wish everything was electric but let's be realistic. "Full electrification" won't happen in our lifetime. Maybe in our kids. Maybe in our grandkids even.