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Replies to post #384 on Whiting Petroleum Corp. (WLL)
Jim Cramer: ‘’Fossil Fuels Are Done’’
He said that major institutional investors want nothing to do with oil and gas because of concerns about climate change. Hefty shareholder payouts no longer matter. To be sure, this isn’t just a concern about sustainability, as if it were a temporary investment trend. Institutional investors see peak oil demand looming, the rise of EVs, and increasingly stringent policies targeting the sector. It has become both a moral issue and a financial one. Arguably, this is all factoring into the steep selloff in energy equities over the past year or so.
“We’re in the death knell phase. I know that’s very controversial. But we’re in the death knell phase,” Cramer warned. “The world has turned on them. It’s actually happening kind of quickly. You’re seeing divestiture by a lot of different funds. It’s going to be a parade that says, ‘look, these are tobacco. And we’re not going to own them.’”
