CVX - Warren Buffett Is Betting Nearly $35 Billion That This Conventional Wisdom Is Wrong
2024-07-13 05:42:00 ET
Hotter temperatures are causing climate-change concerns to intensify, and countries across the world are scrambling to reduce their carbon dioxide emissions. So are major corporations. Wind and solar energy are now often more cost-effective than coal, natural gas, and oil in generating electricity. Some governments are incentivizing the adoption of electric vehicles.
It shouldn't be surprising, therefore, that the conventional wisdom says the demand for fossil fuels will decline in the coming years. Not everyone agrees, though. Warren Buffett is betting nearly $35 billion that this conventional wisdom is wrong.
Chevron (NYSE: CVX) ranks as Berkshire Hathaway 's fourth-largest holding, with the conglomerate's position worth nearly $19.1 billion. Buffett began buying the oil and gas giant in the fourth quarter of 2020 when the energy industry was on the ropes due to the COVID-19 pandemic.
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Warren Buffett Is Betting Nearly $35 Billion That This Conventional Wisdom Is Wrong