The 'there weren't cost-effective alternatives at that time' as an excuse for at the very least inaction (morally condemnable) and at most criminal litigation-worthy propaganda, lies and damages, I find it, in all due respect, quite poor.
As an excuse on the part of the oil companies, I completely agree. But that point was directed at the supply/demand situation from the perspective of the world's consumers and not from the oil companies. So any effects emissions have had on the environment can't be placed squarely on the shoulders of the oil companies but the market (world population) as a whole.