XL - Why Blink Charging XL Fleet and Volta Soared Today
Shares of EV charging and vehicle makers got a boost from soaring oil prices Tuesday. Included in that bullish surge were charging network companies Blink Charging (NASDAQ: BLNK) and Volta (NYSE: VLTA) , and vehicle electrification company XL Fleet (NYSE: XL) . As of the close of trading:
There's an old saying in the energy markets that the cure for high oil prices is high oil prices. The implication is that a spike in prices causes a drop in demand, which leads to prices falling. With oil hitting a 13-year high Monday due to global energy supply impacts related in part to Russia's invasion of Ukraine, another possible cure for high oil prices seems to have gotten investors' attention -- expanding the use of alternative energy sources to complement fossil fuels.
Image source: Blink Charging.
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Why Blink Charging, XL Fleet, and Volta Soared Today