Oil stocks are the new tobacco, in ‘death knell phase,’ says Jim Cramer

Getty CNBC analyst Jim Cramer, shown during a previous broadcast, warns Friday that he’s done with fossil-fuel stocks. Oil stocks are in ‘the death knell phase… You’re seeing divestiture by a lot of different funds. It’s going to be a parade. It’s going to be a parade that says, ‘Look, these [stocks] are tobacco and we’re not going to own them.’” That’s CNBC’s Jim Cramer talking about what he considers to be a fundamental crumbling for the fossil-fuel industry following what many characterized as mixed earnings reports from Big Oil names Friday. For Cramer, who appeared on the Squawk Box program , assessing Chevron CVX, -0.72% and Exxon Mobil XOM, -1.36% stocks for buying opportunities is a non-starter because of the inclination of money managers to avoid the sector as solutions for slowing man-made climate change strengthen through the public and private sectors. The U.S. has started the process to leave the Paris climate pact , but that has not stopped select industry from advancing their own efforts, including Amazon.com AMZN, +0.51% . This sentiment shift, which Cramer says is not fleeting, is keeping him away from the stocks. He compares the situation to the upending of consumer habits […]

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