Oil prices are still surging.
In fact, last checked crude was up another $6.50 to $106.30.
All thanks to a combination of massive underinvestment, rising demand, Russia, and the upcoming summer driving season. Plus, Russia’s oil output is only crumbling, and is only expected to get worse. Oil is also being driven higher are global refineries deal with bottlenecks.
And, if U.S. legislation for NOPEC passes, oil could skyrocket. In fact, “If you hinder that system, you need to watch what you’re asking for, because having a chaotic market you would see … a 200% or 300% increase in the prices that the world cannot handle,” UAE Energy Minister Suhail Al Mazrouei told CNBC.
That being said, investors may want to take advantage of the recent pullback in oil stocks, such as Exxon Mobil (XOM), Chevron (CVX), and Occidental Petroleum (OXY).