Energy markets are in transition. Why investors are retreating


Roger Milley | E+ | Getty Images

While the stock market has boomed, energy stocks have not. Indeed, they have been the worst-performing sector over the last decade. Moreover, energy has dropped from 15% in 1990 to only 5% of the S&P 500 sector weightings in 2019. This is particularly ironic, since U.S. oil and gas production has boomed over the same period, making the United States the world’s largest producer of oil and gas — and making the country virtually self-sufficient.

Why the retreat from the energy sector? Is it because of poor economic performance by companies themselves, compared to the overall market and other sectors, such as Big Tech? After all, this 10-year period…


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