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Will New York State Divest From Big Oil?

Inside Climate News · By Nicholas Kusnetz · last updated
The manager of the state’s largest pension fund is expected to decide soon whether to sell shares in Exxon, Chevron and other major oil companies.

By Nicholas Kusnetz

New York State officials are poised to decide whether to sell off more than $1 billion in investments in major oil companies, in what could be one of the most consequential steps by a large institution to divest from fossil fuels. With an announcement expected within weeks, some climate activists are calling on the manager of the state’s largest pension fund to blacklist ExxonMobil, Chevron and other leading oil companies from its portfolio.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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