Cramer sees oil stocks in the 'death knell phase,' says they are the new tobacco
CNBC's Jim Cramer said Friday he's done with fossil fuel stocks because young investor's concerns about climate change are holding them down.
compared oil and other fossil fuel stocks to the stigma attached to investing in tobacco companies, saying they are in the "death knell phase." He added, "They're tobacco. I think they're tobacco."
"I'm done with fossil fuels ... they're just done. We're starting to see divestment all over the world," Cramer said. "You're seeing divestiture by a lot of different funds. It's going to be a parade. It's going to be a parade that says, 'Look, these are tobacco and we're not going to own them."
Cramer said that better financial performance for oil companies wouldn't even turn their stocks around. "Exxon could have reported an upside surprise, and I don't think it would matter.
https://www.msn.com/en-us/money/topstocks/cramer-sees-oil-stocks-in-the-death-knell-phase-says-they-are-the-new-tobacco/ar-BBZwpLA?ocid=spartanntp
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