Earlier this month, Petroleum & Resources Corp., the oldest U.S. oil fund, told Bloomberg it plans to begin investing in renewable energy technology in 2010.
“Climate legislation looks like it may become a reality in Washington, and that’s going to usher in significant changes for the oil companies,” CEO Douglas Ober said. “We realize there isn’t going to be oil forever, so we need to look for other types of stocks and find the right place to be.”
The $555 million fund’s biggest holdings are Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX), but as a sign of things to come, Ober said the fun is analying windpower, biofuels, solar and hybrid-car battery makers.
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