Some of the biggest names in investment and finance are dumping oil and other fossil fuel stocks as quickly as they can.
Legendary American oilman T. Boone Pickens sold all of his oil stocks just four days after telling investors that oil prices had hit bottom at $26 a barrel on Monday February 1, Zero Hedge reported. Oil was trading at around $30 a barrel on February 19, 2016.
Nor was it just Pickens, George Soros the legendary Hungarian-American investor sold off his stakes in Chevron, gas producer Chesapeake Energy Corp and another US oil and gas producer NRG Energy, The Wall Street Journal reported on February 16, 2016. Last year another investment legend, Warren Buffett dumped all of his stock in Exxon-Mobile, the world’s largest oil company. Buffett did increase his holdings in refiner Phillips 66 which indicates he thinks oil prices will continue to sink.
It easy to see why billionaires are dumping oil, some of it is now worthless. Some producers are actually paying refiners to haul a grade of crude oil called North Dakota Sour away, Market Madhouse reported. Last month North Dakota Sour was actually selling at -50¢ a barrel meaning producers lost money every time they pumped it.
Has Rossi Completed Ecat Test?
Andrea Rossi’s team may have completed the one year ecat test they are talking about. The ecat is the low energy nuclear reaction or cold fusion device that Rossi has been working on for a long time. Rossi himself has not confirmed this but our friend Mats Lewan thinks it has happened. On February 18 he sent out this Tweet:
Mats Lewan @matslew
Historic event: Yesterday the 1-year 1MW #Ecat trial was completed. No official results yet, but sources say it’s been successful. #LENR
8:54 AM – 18 Feb 2016
We should definitely pay attention to Lewan because he is one of the few journalists who has been paying close attention to Rossi and ecat. He even wrote a book about the Italian American inventor.
So it looks like there’s going to be some big news out of Industrial Heat, the company that owns the rights to license Rossi’s technology soon. Hopefully we might soon see whether Rossi’s claims are for real or not. More importantly we could soon see data that others can replicate which will show that billionaires such as Buffett, Pickens and Soros are smarter than we think.
One has to wonder what these big operators know about energy that we do not.