Published on 5 Apr 2024 on Insider Monkey via Yahoo Finance

15 Best Energy Stocks To Buy Now

In this piece, we will take a look at the 15 best energy stocks to buy now. If you want to skip our overview of the global energy industry and some latest events, then you can take a look at the 5 Best Energy Stocks To Buy Now.

In recent memory, 2022 emerged as a pivotal year for the global energy sector, following a tumultuous period where energy stocks plummeted due to weakened global demand amid the COVID-19 pandemic. The onset of the Russian invasion of Ukraine disrupted the industry further, prompting European nations to seek alternative fuel sources. Consequently, major players like Exxon Mobil Corporation (NYSE:XOM), Occidental Petroleum Corporation (NYSE:OXY), and Shell Plc (NYSE:SHEL) reported unprecedented revenues, leading to substantial jumps in their stock prices in the initial stages of the conflict.

Additionally, fossil fuels have shown their impact on the economy as well in recent years. While investments in renewable energy have surged ahead of traditional energy investments, the volatility and uncertainty caused by fossil fuels have roiled markets. Nonetheless, the International Energy Agency (IEA) projects a significant decline in fossil fuel demand, with a projected 25% reduction by 2030 and an 80% decrease by 2050. According to a report by the Institute of Energy Economics and Financial Analysis, the decline of the oil and gas sector has been gradual. It highlights that in 1980, the sector represented approximately 29% of the S&P 500, a figure that has since dwindled to a mere 5.3%.