(OIL PRICE) – The ‘day of reckoning’ for Big Oil, when events at boardrooms and courtrooms issued last month the starkest warning to oil majors’ license to operate yet, was hailed as a huge victory for climate activists. But the climate celebration may be a bit premature.
Rebel shareholder votes at Exxon and Chevron and a court ruling against Shell delivered a blow to Big Oil in a single day, and environmentalists are ecstatic.
But for all the glee that oil majors ‘got what they deserved’, climate activists may be overlooking the unintended consequences of shareholders punishing oil companies about their continued investment in oil and gas production.
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