It's not a widely known fact that sales of new combustion engine cars peaked in 2017 and has been on a downward trend since then, while global EV sales have ~10x in the same time period.

So it seems like these new investments are in a race. Will they pay off before they become stranded assets? The Saudis and other middle east countries have the lowest production costs, so unless Alaska can somehow keep costs to ~$20/barrel, I would not bet on it.