Renewable energy stocks are better long-term buys

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The oil industry is in the fight of its life. It’s in the midst of another difficult downturn, the second in the past five years. However, this one seems different as the COVID-19 pandemic has caused so much demand destruction that the oil industry might never recover its former peak. That’s mainly because renewable energy hasn’t skipped a beat during the pandemic, as it has taken advantage of this downturn to grab even more market share.

Because of that, the oil industry’s future has dimmed considerably over the past year. That’s why it might be time for investors to forget about buying oil stocks and instead concentrate…