Oil Price Hits Pandemic High as Investors Bet on Green Energy
Wall Street’s preference for renewables could mean oil producers will now struggle to meet demand
Some investors are wagering that Wall Street’s preference for green energy will depress spending on oil extraction, setting the stage for supply shortages and higher fuel prices.
The bets come as money managers line up trillions of dollars for wind, solar and other renewable programs and expenditures on oil projects tumble. The drop in fossil-fuel spending is becoming so severe that energy companies could struggle to quench the world’s thirst for oil, some analysts say.
Read more here on The Wall Street Journal.