When the S&P 500 index was created 90 years ago, the energy sector was one of its largest components. A decade ago, the energy sector represented 11.7% of the index.
Today, it is just 4.4%, having been replaced increasingly by technology companies.
When S&P published its latest numbers at the beginning of September, Exxon was no longer in the top 10 companies, for the first time in history. Visa has now replaced Exxon in the Top 10 rankings.
It has slipped to number 12 and now represents just 1% of the total index.
Microsoft, Apple, and Amazon are ranked first, second, and third, respectively.
Volatile oil and gas prices, sudden price slumps, and concerns about future oil demand have combined over the past few years to make investors shun oil and gas stocks, making them one of the worst performers as a sector in recent months.
This is the sign of the times to come when the world will move away from fossil fuels entirely thus our children will not have to inherit a world shattered by rising seas, powerful storms, drought, famine, forest fires, and widespread disease.
Reference- Futurism, OilPrice.com website , Clean Technica, S&P 500 Index Report