My Top Oil Stock to Buy Right Now
Fossil fuels have driven the energy industry for hundreds of years. Thanks to technological advancements, our energy mix is starting to trend toward more and more on renewable energy sources like wind and solar power. Integrated oil giant Chevron (NYSE: CVX) is one of the largest oil companies in the world, and while renewables will play a huge part in the future, here are three reasons why Chevron could still be a great investment today.
Oil companies have long powered our world, but that is steadily changing. Climate change has pushed society to seek out cleaner methods for generating energy. Renewables like wind and solar have been around for years; adoption has been slow because of the higher costs of renewable energy.
As technology improves, renewable energy has become less expensive over time. According to the National Renewable Energy Laboratory, renewable energy costs have fallen to $0.03-$0.06 per kilowatt-hour versus $0.05-$0.17 for fossil fuels. Renewable energy is now rapidly growing, and in countries like the U.S., the majority of new energy projects are wind and solar power.
Source Fool.com
