Wall Street however, is interested in buying oil and gas stocks in the upcoming year. Right now energy stocks have taken a pretty good hit just like everybody else. The thought is that eventually demand will be back, big time. We are still an oil based energy world. It will take quite some time to realign this fact.
Reuters: Energy shares rank among top picks in '09
Once the economy begins to stabilize, demand will return with a vengeance, they said.
"We are in a nasty global recession and oil demand will be affected by that, no question about it," Doll of BlackRock said. "But we are still not drilling enough holes to get enough out of the ground to replace that which we are even using at these lower levels. So oil prices, as the economy recovers, have to come back."
4 comments:
I agree. The sad part is the OIL cartels and interests have intention of allowing a mass conversion to Alt. energy sources any time soon or ever. They don't care about the environment either. These are very wealthy cynical people who think worse case they can always live somewhere nice. It's all about them.The rest of us can just thrash it out against their private armies.
I would suspect that if you added up all of the energy companies out there, and there are a ton of them, and all of the workers in those companies, that you would have one of the largest employers in the world. There is a huge stake in oil and gas. This is not going away anytime soon, not by a long shot.
I read that there is less than 20% efficiency of gas usage in a decent car. SO 80% of the possible energy goes up in smoke. That is a terrible waste. Efficient cars have a very long way to go. If cars burned gas with 100% efficiency, oil would be regarded far less suspiciously by environmentalists, imho.
The problem is we shouldn't be burning anything too power our cars. Or if we must it should be at a single set of source pts. like electrical power generating plants where it's far easier to manage the pollution then from millions of cars.
Yes, no question about it, that is the superior and best way to do it.
In the meanwhile, oil and gas companies will burn the livin beejesus out of every last liter of oil as long as they can make a buck on it, and right now nobody is going to stop it. If people were smart the investing would go into electric cars and such, maybe with GM out of the way it can happen.
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