Rozencwajg says much of this seemingly self-destructive tightening of budget is due to activist investor groups. By way of example, he cites the case of Engine No. 1, an environmentally active hedge fund not even a year old; and ExxonMobil, the world's largest oil producer not sporting a Saudi flag. Through the vagaries of proxy voting — and truly, you don't want the entire intrigue explained — Engine No. 1, with but 0.02 per cent of ExxonMobil shares, somehow hoarded three board seats. Next stop, says Rozencwajg, is Chevron, the goal in both instances to choke off oil supply.