The real signal to watch is the oil companies’ “capex” or capital expenditure budgets for drilling and production, where they reveal what they really think about future prospects. Chevron’s 2017 capex estimate is $19.8 billion, down 15 percent from 2016 and a whopping 42 percent from 2015. Other major oil companies have also cut back sharply. It’s not just activist college campuses that are divesting from the fossil-fuel economy. It’s the fossil-fuel producers themselves.