Even before the pandemic kicked in, the economic future had begun to sour for the petroleum majors. Solar and wind engineers have relentlessly cut the price of their technology, to the point where it was both cleaner and cheaper than digging stuff up and burning it. Facing this pressure, the fossil-fuel industry has been the laggard in the last decade of economic expansion, underperforming every other sector of our economy. Exxon, in that span, went from being, in the words of a recent Bloomberg Businessweek report, “once the undisputed king of Wall Street,” the most powerful corporation on the planet, to a “mediocre company,” worth less than Home Depot Inc.
Source : Thanks to Climate Divestment, Big Oil Finally Runs Out of Gas
