By Liz Moyer
Investing.com — Oil stocks came under fire on Friday as the price of oil fell below $110 a barrel.
fell 7% on Friday and was down about 9% for the week. The sector is weighed down by growing fears that the United States is heading into a recession due to the triple whammy of weakening macro data, persistent inflation and an aggressive tightening plan by the Federal Reserve. .
Shares of Exxon Mobil Corp (NYSE:) fell 5.6%, while Chevron Corp (NYSE:) fell 5.9% and Shell PLC ADR (NYSE:) fell 4.9%. The Biden administration has urged major oil refiners to step up activity to produce more products such as gasoline, which has soared above $5 a gallon at the retail level. This consistently high gas price squeezes household budgets, and high diesel fuel prices make operations more expensive for businesses, farms and construction companies.
Shares of Diamondback Energy Inc. (NASDAQ:) fell 9.4%, while Devon Energy Corporation (NYSE:) was down 9.7% and Marathon oil Corporation (NYSE:) was down 7.7%.
As much as the Biden administration wants oil producers to increase production to drive down prices, the longer-term goal is to shift the U.S. economy toward renewable energy, a trend that is pushing company stocks higher. of solar energy on Friday. Premier Solaire Inc. (NASDAQ:) shares are up 7.6%, while SunPower Corporation (NASDAQ:) is up 10.8% and SolarEdge Technologies Inc. (NASDAQ:) is up 8.6%.