CNBC
Bill Gates predicts oil companies ‘will be worth very little’ in 30 years — here’s why
If you’re looking for an extremely long-term stock pick from billionaire Bill Gates, here it is: Avoid Big Oil.
As the world moves away from fossil fuels and adopts more clean and renewable energy sources, oil giants that have dominated markets for more than a century could be in trouble, the Microsoft co-founder said in a briefing at the COP26 climate summit in Glasgow, Scotland, on Thursday.
Companies like ExxonMobil, BP and Royal Dutch Shell all have seen their stock prices decline over the past five years — especially at the onset of the Covid-19 pandemic, which crippled demand for oil and resulted in huge losses for even the biggest oil and gas companies.
ExxonMobil, the largest oil and gas producer in the U.S., lost $20 billion in last year.
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