“Take that, Exxon! Shove off, Chevron!”

Last summer Yale issued a list of fossil fuel stocks in which it would no longer invest. Conspicuously absent: Exxon and Chevron. Since then, shares in the two largest oil companies have produced significant gains for investors. This apparently inspired divestment activists to redouble their efforts, for both Exxon and Chevron have now been added to the list of stocks in which the Yale endowment must not invest.  

Exxon and Chevron shares are to be shunned because the companies fail to give enough support to climate-change regulations and climate-change science.