Why U.S. Oil and Gas Stocks Plunged Today
Shares of U.S.-based oil and gas fracking companies such as Devon Energy (NYSE: DVN), APA Corporation (NASDAQ: APA), and Diamondback Energy (NASDAQ: FANG) plunged on Thursday, falling 11.2%, 14.4%, and 11%, respectively, as of 12:32 p.m. ET.Investors might have thought the Trump administration would be a big positive for the energy sector, given the president's promises of deregulation, lower taxes, and opening up more federal land for drilling.However, it appears the administration's tariff policy is actually a giant negative for these names, and really drillers all over the globe. Continue reading
Shares of U.S.-based oil and gas fracking companies such as Devon Energy (NYSE: DVN), APA Corporation (NASDAQ: APA), and Diamondback Energy (NASDAQ: FANG) plunged on Thursday, falling 11.2%, 14.4%, and 11%, respectively, as of 12:32 p.m. ET.
Investors might have thought the Trump administration would be a big positive for the energy sector, given the president's promises of deregulation, lower taxes, and opening up more federal land for drilling.
However, it appears the administration's tariff policy is actually a giant negative for these names, and really drillers all over the globe.
