The recent decline in oil prices is a boon for consumers but a bust for oil companies. Collectively, profits of the four supermajors – Royal Dutch Shell PLC; Exxon Mobil Corp.; Chevron Corp.; and BP PLC – have plummeted 70 percent in the first nine months of 2015, according to the Wall Street Journal. Despite a “precipitous drop in profits this year,” the supermajors increased stock dividends 10 percent over 2014, disbursing approximately $28 billion to shareholders.
For the time being, that’s good news for investors unless the shareholders happen to be among the universities and religious members of the fossil-fuel divestment crowd. This group includes the always headline-grabbing college and university activists (10.9 percent), philanthropic foundations (31 percent) and faith-based organizations (25 percent). These figures are culled from the National Association of Scholars’ “Inside Divestment: The Illiberal Movement to Turn a Generation Against Fossil Fuels,” which was released this week. NAS is a New York City-based nonprofit dedicated to “the promotion and preservation of high academic standards in teaching and scholarship.” From the NAS Executive Summary:
The idea of fossil fuel divestment grew out of a college student campaign at Swarthmore College. 350.org, the main organization supporting divestment, emerged at Middlebury College. At least one student-run organization, the Fossil Fuel Divestment Student Network, supports divestment campaigns. But much of the organizational and intellectual framework comes from professional environmental activists and environmentalist organizations that train college students and put them forward as the face of the movement.