The oil industry has had had a strange decade as the seeming rise and fall of oil stocks have happened over and over again. The decade started with depressed demand because of a global recession, but ended with surging oil demand in the U.S. and abroad as SUV sales increased and the global economy made a slow but steady recovery.
2020 changed everything and brought out the industry's warts, as a global pandemic hit demand across the world. Prices even went negative for a short time. This dynamic has hurt oil stocks that have for the most part been in decline over the last two years. And we may already be seeing the end of oil's dominance in energy on the horizon.
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Source Fool.com