In 1980, the oil and gas sector represented 28 percent of the S&P 500 index’s value; in 2019, it represented less than 5 percent, and it is likely to keep shrinking. ExxonMobil, which was the most valuable company in the world in 2013, was removed from the Dow Jones Industrial Average index in 2021. In 2016, such a proposition would have gotten you laughed off the squash court.
