VLO - 3 Oil Companies That Are Becoming Renewable Energy Stocks
Big oil companies know that renewable energy is ultimately the future of the industry. The International Energy Agency projects that renewable energy generation will more than quadruple by 2040 and given the history of its projects, that's probably a very conservative estimate. Meanwhile, electric vehicles are disrupting the automotive space, and with dozens of new models coming online in the next year, we should see a sustained shift to electric vehicles over the next two decades.
Companies aren't able to fight these macro trends, but they can adapt their businesses to stay relevant. And that means some oil companies are slowly becoming renewable energy companies. The three oil stocks becoming renewable energy stocks that we're watching are Total (NYSE: TOT), Valero Energy (NYSE: VLO), and Clean Energy Fuels (NASDAQ: CLNE).
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