File this report under the decline of the global oil business: Exxon was just kicked off the Dow Index of 30 companies (of which it has been a member since 1928) and replaced by Salesforce.
Salesforce? A cloud-based customer management software outfit? Sounds kind of weak next to Big Oil.
When you think about it, Big Oil has never been so big. We have finally come to the conclusion we are not going to run out of oil any time soon. The U.S. shale boom and major offshore discoveries of oil reserves have made sure of that. Then there are the technology advances that have made the extraction of crude ever less expensive.
Estimated oil reserves have increased! Once upon a time that would have given us that warm and fuzzy feeling that everything was right with the world. But that glut, along with sharply decreased demand, has driven the value of the U.S. oil sector down by more than 50 percent since January.
This is when we all say in unison: Oil prices will co
