In what is one of the biggest moments in the world’s transition towards sustainable development, the state of California has sued multiple leading oil companies, including Exxon (NYSE:XOM), Shell (NYSE:SHEL), ConocoPhillips (NYSE:COP), Chevron (NYSE:CVX), and BP (NYSE:BP). The state is accusing these companies of deceiving the public by downplaying potential risks from fossil fuels, leading to damages worth billions of dollars.
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The case, filed in a San Francisco court, is seeking the creation of an abatement fund to pay for future damages resulting from climate-associated disasters in California.
California, a leading fossil energy producer, has been at the receiving end of major weather events stemming from climate change. Big oil will have its task cut out since other states could follow in California’s footsteps.
The lawsuit also lists the American Petroleum Institute as a defendant and, importantly, accuses the oil companies of intentionally downplaying fossil fuel risks for decades, beginning in the 1950s, even after understanding the link between fossil fuels and global warming.
What are the Best Energy Stocks to Buy Now?
Meanwhile, investors continue to pile up into energy names, and the Street continues to see potential upside in all of these stocks, which have delivered triple-digit returns over the past three years. The United States Oil Fund ETF (USO) has also surged by nearly 180% during this period.
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