Big Oil Stocks Rally Despite Democrats’ Fossil-Fuel Stance
- Energy sector rises 12% compared to S&P 500’s 3.5% gain
- Wall Street assesses risks to equities amid economic recovery
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U.S. oil and gas stocks, by far the worst performers last year, are standing out as the best in 2021 -- a turnaround that might seem a bit surprising given the new balance of power in Washington.
Companies including Exxon Mobil Corp., Diamondback Energy Inc. and Marathon Oil Corp. have posted double-digit gains this year as a rebound in oil prices and the prospect of an economic recovery have outweighed risks to the industry from a Joe Biden administration. The S&P 500 Energy Index is up 12% this year compared to 2020’s 37% plunge.