In reality ownership is so dispersed that the shareholders in companies like Microsoft or Exxon have no say in long-term issues like this.
Also, I mean, you're kinda assuming that there weren't any stifled innovations (there were) or misleading PR to keep people from looking for alternatives (there were) or ...
Interestingly, we've continued with incredible global economic growth by most measures, despite the increasing use of newer alternatives to fossil fuels...
Exxon was responsible for the oil spill response that coagulated the oil and sank it. They were surprisingly proud of this, having recommended it to BP so that the extent of leaked oil was less noticeable from the surface.
Exxon also invested heavily in an alternative energy company doing research to create oil from a certain type of algae. The investment was all a PR stunt that gave them enough leverage to shelve the research that was successful enough to be considered a threat.