Warren Buffett's Company Resumes Occidental Petroleum Buys, Fueling Oil-Buying Frenzy

Warren Buffett's company, Berkshire Hathaway, has resumed its purchases of Occidental Petroleum stock, investing over $246 million to add to its already massive stake in the oil producer. Berkshire now controls nearly 26% of Occidental, with more than 228 million shares. Buffett has consistently bought Occidental stock whenever it fell below $60, but this week he was willing to pay over $63 for new shares. This move comes as Chevron and Exxon also make significant acquisitions in the oil sector, indicating a belief in the continued importance of oil as a fuel source. Berkshire's portfolio includes major stakes in Apple, Bank of America, and Coca-Cola, among others.