Why Blink Charging, XL Fleet, and Volta Soared Today

Shares of EV charging and vehicle makers got a boost from soaring oil prices Tuesday. Included in that bullish surge were charging network companies Blink Charging (NASDAQ: BLNK) and Volta (NYSE: VLTA), and vehicle electrification company XL Fleet (NYSE: XL). As of the close of trading:

There's an old saying in the energy markets that the cure for high oil prices is high oil prices. The implication is that a spike in prices causes a drop in demand, which leads to prices falling. With oil hitting a 13-year high Monday due to global energy supply impacts related in part to Russia's invasion of Ukraine, another possible cure for high oil prices seems to have gotten investors' attention -- expanding the use of alternative energy sources to complement fossil fuels.

Image source: Blink Charging.

Source Fool.com