Supply must be reduced, and you either do that by reducing the workforce by 20 % or you reduce the working hours of the workforce by 20 %. Those are the alternatives here.

And I hardly think you want your management to work 20 % less during the crisis of the century. That they are often grossly overpaid is another issue.

And the quity holders not taking a haircut? Have you by any chance noticed how share prices have developed since the crisis began?

Peak oil is not an energy crisis. It is a liquid fuel crisis.