TotalEnergies said this week it would cut its capital spending by $1 billion annually over the next four years. Chevron and ConocoPhillips are cutting jobs—as are many others in the industry. Shale majors are cutting spending, as well. It is not looking good for the oil industry right now—but it won’t last forever. That the oil industry has become more cautious lately is a fact – challenges from pro-transition energy government policies have been one reason, and the natural price fluctuation has been another. Now, pretty…