Biden Admits The Truth: "No More Oil Drilling" As Energy Stocks Set To Soar

Oil Drilling Rig by Jerry and Pat Donaho is licensed under CC BY-ND 2.0

It has been a great year for energy stocks as the chart below clearly reveals...

... and it will be an even better year (and decade) for energy stocks.

Why? Not because of what Goldman trader Michael Sullivan wrote last week explaining why Energy has (finally) become everyone's favorite sector (more than two years after we first told our readers to go balls to the wall long XOM):

Energy continues to lead. When oil is up. When oil is down. When yields are up, or when they are down. When the US is threatening Windfall Profits Taxes or considering limits on product exports. Whether the market is hiding in defensives or shifting to more offensive positioning ... maybe energy equities are leading because the market sees a pretty good set-up for oil: (1) US SPR release rate is slowing; (2) EU sanctions on Russian sea borne crude are expected to start in Dec; (3) we are passing peak refining maintenance and at the onset of winter -- both of which should drive a sequential increase in demand; (4) distillate inventories are extremely low and subject to upside risks, link; (5) a Fed pivot would likely support inflows into commodities -- implying a weaker dollar -- every 10% move in the dollar is about 300k/d to oil demand on an annual basis.”

It's not because of what One River CIO Eric Peters wrote in his latest weekend note:  

Oil Drilling Rig by Jerry and Pat Donaho is licensed under CC BY-ND 2.0