Why ExxonMobil Stock Was a Drag on the Market Today

Friday wasn't the ideal day to be in the oil business. The all-important price of crude tumbled, on the back of general economic worries and a U.S. government decision about its Strategic Petroleum Reserve (SPR). The performance of bellwether industry stock ExxonMobil (NYSE: XOM) reflected the situation; it closed the day essentially flat over Thursday's closing price, while the S&P 500 index enjoyed a nearly 0.6% bump. The influential party pooper in this case was U.S. Energy Secretary Jennifer Granholm, who on Thursday admitted that it could take years for the country to refill the SPR. In a congressional hearing, Granholm told lawmakers: "This year, it will be difficult for us to take advantage of this low price. But we will continue to look for that low price into the future because we intend to be able to save the taxpayer dollars."Continue reading
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