Why Oil and Gas Stocks Fell Today
Shares of major oil and gas companies such as Chevron (NYSE: CVX), Occidental Petroleum (NYSE: OXY), and rig services company Transocean (NYSE: RIG) were falling today, down 3.7%, 8.9%, and 5.6%, respectively, as of 2:40 p.m. EDT.
There wasn't a single clear reason for today's sell-off in the sector; it's likely due to a combination of factors. Last night's midterm elections were predicted to usher in a Republican Congress, and Republicans are thought to be friendlier than Democrats toward fossil fuels. However, Republicans have generally underperformed in the elections, with both houses of Congress still up for grabs as of this writing.
Moreover, stocks and oil prices were generally lower today, perhaps reflecting nervousness around tomorrow's inflation report.
Source Fool.com
