The Last Barrel
(World Oil) Just nine years ago, Exxon Mobil was the most valuable corporation in the world. In August, Dow Jones removed the stock from its industrial index that is closely aligned to the U.S. economy. While any change to the Dow is notable, the ejection of XoM marks a particularly stunning fall from grace and suggests the oil business is no longer as important to the U.S. economy. Worth $525 billion in 2007 and more than $450 billion as recently 2014, the stock had fallen in four of six years before 2020. It has lost another 40% since January and is worth about $175 billion today. The coronavirus has undoubtedly accelerated the change process. Travel restrictions and work-from-home orders
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