Love him or hate him, Jim Cramer is the weathervane for the consensus.
Today he was talking with Faber and it is an article of faith on the Street that the entire fleet will be electric in 2040.
I strongly disagree.
The underlying premise (actually, a cover story) is CAGW. That's a scam. Temps have been flat for 7 years.
The automakers all want to build EVs because they make much more money. That's why they are all in on the CAGW scam. Telsa has showed them the money. It is all about the money.
This push to EVs is going to be 10x worse than the Edsel. Consumers don't want and can't afford EVs. And CA can mandate all it wants, but the federal government will never agree.
The problem with the prices on oil and natgas stocks is that there is a mass delusion on the Street that ICE are going to be eliminated and, thus, little demand for oil and gas.
America needs to push back hard on this. Solar and wind are expensive and unreliable. EVs rely on forced labor for the batteries. It is immoral to own an EV. It's a human rights violation.
My mantra to the Left: Go bother China and India if you want to save the planet.