@IsailedawayfromFR
I'm an oil company annutiant, so I am heavily into my company stock in my 401K. Yes, pandemic demand is dictating Big Oil performance right now, but the enviro whackos have also falsely grabbed and pulled the alarm on this climate change debacle. There seems no fight in the companies to dispute the matter, and on that fact alone, I see oil fighting headwinds as an investment for the forseeable future. Increasingly efficent engines, increased demand for electric, lower demand, and a hostile legislative enviromnent??? ...... By 2024 I see the titans like CVX, XOM, BP, RDS, etc possibly in survival mode.
That's chilling (and will be for sure if that scenario plays out). My thoughts are the oils are not out there alone.
Many countries depend upon the oil revenue and will fight to see an increase in price. So oils will still profit, regardless of the climate hype.
As a microcosm of the anti-oil effort, California is in the process of throwing out most of its legacy oil businesses(and I cannot believe Chevron continues to HQ there). We are already witnessing the results of its policies in +$1 per gallon gas compared to most of the country, rolling blackouts, loss of tax revenues and jobs, etc. Even a recent pioneer of renewables Musk chooses to leave state to build electric cars.
People are not going to take the stupidity forever and realize they are duped. They will take off the mask they have been told to wear and will go back to enjoying the fruits of hydrocarbon.
PS - I am a retired petroleum economist and spent many years in domestic/international and corporate work.