Oil and Gas Mergers Spark Bull Market as Chevron Acquires Hess in $53 Billion Deal
TL;DR Summary
CNBC's Jim Cramer believes there is a bull market in the oil and gas sector, attributing it to recent major mergers and the rising price of crude. Cramer highlighted Chevron's acquisition of Hess and Exxon Mobil's purchase of Pioneer Natural Resources as significant deals. He compared the current trend to oil takeovers in the 1980s and emphasized the potential for increased earnings through strategic deals. Cramer noted that Wall Street is slow to recognize this trend due to concerns about ESG and electric vehicle sales, but he encouraged investors to stay invested in oil stocks.
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