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| Big Oil Stocks Surge |
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| Written by Miranda Marquit | |
| Wednesday, 16 April 2008 | |
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Exxon Mobil (XOM) was back above $90 a share on Wednesday. Indeed, it appears to be heading toward $92 a share. And all of this thanks to the news that global oil supply is likely to cause problems. But XOM is not the only Big Oil stock on its way up. Conoco-Phillips (COP), Chevron (CVX), Royal Dutch Shell (RDS-B) and even BP (BP) all made gains on the stock market. 
Photo:JAmes at 42, Creative Commons, Flickr Despite record oil prices (which companies insist cost them money), Big Oil profits remain huge. Indeed, rising oil prices seem to do more to help Big Oil than hurt the industry. And if analysts are right, the ride should continue for oil companies. CTV.ca points this out about oil prices and supply:
This means that as Asian continues to develop, especially in India and China where a rising middle class is interested in car ownership, oil supply will only become more restricted. Tuesday, we saw what the mere mention of restricted supplies does to oil prices. And Wednesday on the stock market, we saw the result for Big Oil. The bottom line is this: As long as oil remains our primary source of fuel and energy, Big Oil companies will be just fine. No matter the rough patches the stock market hits. Over time, Big Oil is likely to rise consistently unless serious changes are made. And that means as a long-term investment Big Oil probably isn't a bad bet. Disclosure: I own no Big Oil stock. BP 
Big Oil 
COP 
CVX 
Miranda Marquit 
XOM 
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