Downstream oil companies are nimbly adapting to changing policies and consumer preferences while maintaining the “base business” of providing affordable and reliable fossil oil products. New business models are emerging to capture these new opportunities including partnerships with agricultural, petrochemicals, technology, and other parties that, together with a downstream company, can repurpose the refining asset base, midstream infrastructure, and petroleum marketing networks to supply lower-carbon fuels and address climate goals. What are the strategies being taken to adapt to shifting products market need from policymakers and consumers? What is a framework to weigh the advantages and disadvantages of being an early mover into a new fuels market or adopting a decarbonization technology vs. taking a more conservative position? Will there an ability to scale new fuels in a major way and also to capture a premium for lower-carbon products beyond the policy incentive credits?