Oil Stocks Waiver After Biden Comments at Debate

Among other things, he said we have a dark winter ahead.

Towers used to process raw material into useful things | Photo by Pixabay on Pexels.com

By Michael Carver
October 23, 2020 11:04 AM

Major oil companies are trading about 1% lower than yesterday before Biden made a negative comment about the oil industry at last night’s debate.

Biden said he would end the oil industry when Trump asked him as part of a less chaotic performance than the first debate.

In Pennsylvania, oil was first discovered in 1859 in Titusville.

In all likelihood, Biden was trying to say we need to end the oil industry at some point, but just failed to specify when in the heat of the moment. However, tens of millions of people whose lives and livelihoods depend on this industry may have been a bit spooked by the statement.

The Department of Energy is hoping to encourage the use of nuclear power generation.

Biden’s son has worked for a company in the energy sector before, so maybe he knows a thing or two about it.


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