The bold move by the European Union to phase out its Russian oil and natural-gas use will likely exacerbate the already low levels of inventories, boost oil and gas prices, and accelerate the move to renewable energy. Major energy companies that are already making the transition away from fossil fuels look set to gain.
“I continue to believe that today’s energy companies will be the energy companies of the future,” says Peter Tchir, head of global macro strategy at Academy Securities. “They will be the ones that drive the sustainable-energy products.”
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