Stuart Varney: Kamala Harris' fracking promises ring hollow

Published On Sep 3, 2024, 8:24 AM

In a recent commentary, Stuart Varney argues that Vice President Kamala Harris's assurances about not banning fracking, particularly in the crucial state of Pennsylvania, are insincere. He asserts that activists are successfully impeding oil and gas production through legal means without needing to change existing laws. Varney points to recent court rulings that have halted drilling permits by challenging the environmental assessments related to wildlife concerns, particularly for the Rice's whale in the Gulf of Mexico. He claims this has broader implications for America's energy policy and investment in the fossil fuels sector.

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Stock Forecasts

XOMView XOM chart on TradingView

Negative

With the current sentiment in the US toward fossil fuels and the continued legal challenges that could restrict production, it is likely that companies involved in oil and gas extraction may face downward pressure on their stock prices. Investors should be cautious, particularly regarding companies that are heavily reliant on fracking and natural gas production.

XLEView XLE chart on TradingView

Negative

Investors may consider energy ETF options with a diversified approach to mitigate risks associated with specific companies in the fossil fuel sector, as legal challenges could impact stock performance. Since ETFs can offer stability, it might be a strategic move.

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