OIL! Buy SLB, Valaris or something like that.
I think oil is risky at this point. Nice to be in if you bought towards the end of 2021 but price-related demand is going to take a hit soon - the magic number I'm hearing seems to be $7.00/gallon here in CA.
Factor in the latest economic numbers of the past weeks and days and pretty clear demand will be taking a hit related to dwindling demand for goods and services as well, then further as the economy worsens.
Summer travel is going to help sustain price to decent degree, people who already made vacation plans months ago are going to have to bite the bullet and pay out the ass.
But long? Absolutely>>>
Recession is going to see less capital flowing towards renewables projects and interest rates are going to make these projects more difficult. It's actually already happening.
Meanwhile the west has decided they won't be using Russian oil. This will come at the expense of the citizenry, and will be long term - Outraged millenials sleep better at night knowing we only do business with "nice" people and AmazonChina. (Saudis fit the "nice" category too - don't want your friends thinking you're Islamophobic)
Further, anti-oil regulations in the USA/1st world and activist investors on the boards of oil companies are going to ensure would-be capital won't touch anything involving the expansion of fossil fuels extraction and exploration with a 10 foot pole.
Also, the Biden admin just increased the government's % share of profits from drilling leases a few months back. This will further discourage drilling.
What that means for us is oil prices are going to be on an upward trend for the long haul. Fools think everyone is going to be driving an EV... consider that on hold for the long term.
The world runs on oil, and the long term political agenda is to make oil more and more difficult to come by despite the fact it will continue to be absolutely essential.
Oil is not going anywhere. It's just going to get more expensive because politicians will ensure supply is restricted.