A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here.New York Move over, Big Tech: Oil just might be the new FAANG.
Energy stocks fell last week as oil prices tumbled. But crude prices are still up almost 20% so far in 2022, making the sector one of the few bright spots in the market this year. , is up 25%).Two top energy sector exchange-traded funds, the Energy Select Sector SPDR Fund and the iShares U.S. Energy ETF , are each up more than 45%.Occidental Petroleum , an energy company backed by Warren Buffett's Berkshire Hathaway , is up nearly 140% this year.
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Price gouging. Duh