Market Commentary

This Congressman Is Buying Oil and Gas Stocks

Huzaifa Waseem
6 Feb 2024 · 1 minute read

Congressman Kevin Hern, a member of the United States House of Representatives for Oklahoma's 1st congressional district, disclosed earlier this week that he has invested in several oil and gas companies.

Rep. Hern bought Exxon Mobil (XOM:US) shares on December 09, when the stock closed at $103.54. Moreover, the Congressman invested between $15,000 - $50,000 in Pioneer Natural Resources (PXD:US) on December 15, when this oil stock closed at $224.61. He followed up with an additional $1,000 - $15,000 purchase. 

Finally, Rep. Hern bought Devon Energy (DVN:US) shares on the last trading day of 2022. He invested twice, including a transaction worth $15,000 - $50,000 when the stock closed at $61.51.

This way, Congressman Hern continued to buy shares of these three U.S. oil and gas companies. Rep. Hern disclosed in October that he was investing in these three companies in September as well.

All three oil and gas stocks traded higher since Congressman Hern was buying their shares as the price of “black gold” gained in recent weeks on hopes the ongoing reopening in China will significantly boost demand.

On Wednesday, the International Energy Agency (IEA) projected that the demand for oil will hit record levels in 2023. Demand for crude oil is seen rising by 1.9 million barrels a day to 101.7 mbd in 2023.

“Two wild cards dominate the 2023 oil market outlook: Russia and China,” the IEA report stated.