Jim Cramer thinks that President-elect Biden might be a good thing for oil stocks.
"President Trump almost killed the oil industry and now President Biden's going to save it. At least for now. That's what the stocks are saying and it makes sense when you think of it. Under President Trump we had unbridled drilling. It was almost embarrassing the lengths we were willing to go, including opening up the sacred Arctic National Wildlife Refuge for drilling," Cramer wrote in his Real Money column on Tuesday, Nov. 24.
"It was all a part of a belief that we have abundant fossil fuels in this country, including coal, in some valuable states when it comes to the election, so why not exploit it. The president didn't believe in global warming and he apparently never gave a second thought to whether there would be environmental consequences, everything from methane flaring, to oil spills from pipelines to another Exxon (XOM) Valdez, the disastrous oil spill off the coast of Prince William Sound in Alaska in 1989. It is not at all clear to me that the president had even heard of that 31-year-old accident," he continued.
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