What if the Big Oil Companies created alternative fuels?

Hey I just had a great thought. What if the Big Oil companies initiated and funded research in the area of alternative fuels and produced some new fuels on there own. Wouldn't this be great? Then they would not have any drop in revenue if the concept of "Peak Oil" is correct. Then they would be leading the way for the future instead of pushing one fuel and dragging there heels. Then they could offer a choice to their patrons, those of us that believe we have an oil problem looming out on the horizon. Also they would have a broader base of income alternatives. It seems to me they have alot of resources in the form of cash profits they could apply to the problem right now. So why are they silent on these issues?

Hmm, If we only lived in a perfect world...