Jim Cramer took to Real Money to pen a column on the electric vehicle space and what all of the hype about the sector tells us about Exxon's board moves.
"Exxon's (XOM) board moves indicate it knows its gasoline days are numbered," Cramer noted.
"That's the challenge for the old paradigm and the joy of the new. This is the year where I think the ESG-oriented funds put pressure on the oil companies by suggesting that they shouldn't be owned. Oil has had a remarkable comeback in 2021, that's undeniable, but a lot of that is the Saudis restricting production and fear thar President Biden means business when it comes to climate change, which means supporting whatever rushes EV to the market," he wrote.
Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Tuesday