Additionally, big oil still believes it has a place in the global economy even as more countries push into electric vehicles (EV) in efforts to trim pollution.
“Exxon says the existential threat from electric cars is overblown. The world’s most valuable oil company estimates the EV fleet won’t grow fast enough to displace much demand for gasoline and diesel, the backbone of the oil industry. Besides, heavy-duty trucks and petrochemicals will continue to boost consumption,” according to Bloomberg.
While investors have departed other sector ETFs, including consumer staples and healthcare, to start the fourth quarter, XLE has seen fourth-quarter inflows of nearly $224 million.
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