PSX - The 3 Best Oil Stocks to Buy Before the End of 2022
This past year has been a fascinating one for the oil market. Crude prices rocketed into the triple digits following Russia's invasion of Ukraine. However, they've since given back most of those gains on concerns that rising interest rates to combat inflation will drive the economy into a recession next year, denting oil demand. Despite all that volatility, most oil stocks have surged this year as investors realize that fossil fuels remain vital to fueling the economy.
Given that backdrop, it's difficult to know what will happen in the oil patch in 2023. However, a few Fool.com contributors believe that some oil stocks stand out as great buys heading into the new year. Here's why they think investors should scoop up shares of Kinder Morgan (NYSE: KMI) , Phillips 66 (NYSE: PSX) , and Chevron (NYSE: CVX) before the end of this year.
Reuben Gregg Brewer (Kinder Morgan): It is completely understandable if conservative income investors chose not to buy Kinder Morgan after its 2016 dividend cut. The big issue was that, just a couple of months prior to the cut, management was talking about dividend increases in 2016. There's a legitimate trust issue there. However, since that point, Kinder Morgan has been working hard to regain investor trust.
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The 3 Best Oil Stocks to Buy Before the End of 2022