Yep, the stock market is a bit special in this regard. You can have a speccy Explorer who might be a decade away from a mine pump becuase that commodity price has spiked short term. You can be a few years away from producing, and the price sinks, the stock get hammered. It's illogical but it happens all the time. As far as I can tell EV sales are increasing, things are speeding up, but, big oil doesn't want to roll over and die just yet. Don't want to be too much into conspiracy theories but it would make good sense for them to spend $ peddling FUD about electfication so they can keep a strangle hold just a bit longer and the whole while keep their Mega profits rolling since they lost out during covid. The other day I paid 2.50/L for premium in a city. Absolutely insane.
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