How Crashing Oil Production Could Damage Fuel Cell Stocks
Here's a total understatement: The U.S. oil industry has been impacted by the coronavirus pandemic.
"Impacted"? More like, "destroyed." More than 95% of Americans are under stay-at-home or similar orders, and are neither driving nor flying. U.S. benchmark WTI crude prices fell to negative $37.63 on Monday, and the average U.S. price for a gallon of gasoline is well below $2.
This might seem like an opportunity for alternative fuels like hydrogen fuel cells. But it's actually a huge threat to hydrogen fuel cell companies like Plug Power (NASDAQ: PLUG), Ballard Power Systems (NASDAQ: BLDP), and Bloom Energy (NYSE: BE). That's because COVID-19's impact on oil is likely to undermine a key argument that they've used to secure customers.
Source Fool.com
