“Fossil fuels have a PR issue. As long as the market perceives them to be the culprit for carbon emissions, they will have a difficult time.”
ExxonMobil’s stock plunged to a nine-year low on Tuesday after posting poor fourth quarter results, leading the fossil fuel giant to plunge $184 billion since its’ market valuation since its 2014 peak, as per CNN business. Some analysts argue that Exxon’s bad quarter is emblematic of a broader decline in the fossil fuel industry.
“Fossil fuels have a PR issue,” Ben Cook, a portfolio manager at BP Capital Fund Advisors, told CNN. “As long as the market perceives them to be the culprit for carbon emissions, they will have a difficult time.”
Last week, Mad Money host Jim Cramer told CNBC that he’s “done” with fossil fuel stocks because he believes the industry is being pushed into “the death knell phase.”
“I’m done with fossil fuels … they’re just done. We’re starting to see divestment all over the world,” Cramer said. “You’re seeing divestiture by a lot of different funds. It’s going to be a parade. It’s going to be a parade that says, ’Look, these are tobacco and we’re not going to own them.”
“And the reason I think they’re on the wrong side of history has nothing to do with politics and everything to do with the fact that Tesla was up huge today and Exxon’s stock was down after Goldman Sachs, of all places, downgraded the stock from hold to sell,” Cramer said […]