Jim Cramer: People Don't Invest in Fossil Fuels

Credit: The Street
Published on June 13, 2019 - Duration: 01:40s

Jim Cramer: People Don't Invest in Fossil Fuels

Early Thursday, two shipping tankers in the Gulf of Oman were damaged in a suspected attack.

While neither of the tankers were reported to be carrying oil at the time of the attacks, which were serious enough to evacuate both ships and call in support from the U.S. Navy's nearby Fifth Fleet, the incidents nonetheless escalated tensions in the region and echoed similar disruptions on Saudi oil tankers in mid-March.

Around a fifth of the world's oil passes through the Strait, which separates the Persian Gulf states from Iran and the epicenter of military tensions between Washington and Tehran, each year, reported TheStreet's Martin Baccardax.

When asked about his thoughts on oil in the current market, Jim Cramer responded that investors nowadays are not sold on fossil fuels.

"People don't like to invest in fossil fuels.

There is a ethos of investing.

I remember back in the '80s when people decided they weren't going to invest in anything that was apartheid because it was just a decision and companies that were involved with the apartheid or funded it, they didn't want them," said Cramer.

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