Oil Sector is finally waking up after a very strong run in 2020 - 2023.
Any pundit you look at on future prospects will tell you quite sternly that the price of oil will / might / won't go up or down because of increasing / decreasing oil supply coupled with recession in the big consumers of China and India but then again the supply of oil really is shrinking and China is performing better than expected and forecasts strong demand...
Anyways, gas at the pump is up, US drilling is in decline and production is declining, and the Republicans know the way to winning this fall is with an angry Public who are paying ever increasing prices at the Pump.
The Democrats of course cannot turn to the US Strategic Reserve because they "forgot" to fill it up the last time they emptied it out to try and get re elected and keep the driving public happy.
So the P / E ratio of all the oils who pay Dividends is closer to the normal 10 : 1 that investors want, and the Majors keep selling oil. As for Nvidea and a bunch of other Tech Stocks, even they acknowledge that a P/E of 77:1 is not justification for the current stock price.
In the Tech Boom of the late 1990's Tech Companies would have their CEO announce that they are losing money and do not forecast making money and there is no justification for the current stock valuation. Next day the Stock would go up.
Drewski
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