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The shift, it would seem, should be bad for oil companies, as drivers will need less gas to power their vehicles. Shares of Tesla have gained 2.8% to $334.33 at 12:54 a.m. today, while Chevron has declined 0.2% to $104.55, Pioneer Natural Resources has dropped 1.7% to $167.27, EOG Resources has fallen 0.8% to $90.51, and Parsley Energy has tumbled 2.4% to $30.06.
These companies are world leaders in alternative energy, providing a relatively stable investment opportunity in alternative energy.
Zacks Industry Outlook Highlights: Trina Solar, Yingli Green Energy Holding and JinkoSolar Holding