Oil Profits and War: Just Coincidence?

This is for all the chart junkies out there, especially the conspiracy theorists. (Remember, just because you’re paranoid, doesn’t mean they’re not out to get you!).

Whenever the oil companies’ profits wane, an “energy conflict” emerges on cue to restore them to giddy heights:

I’d love to see a similar chart comparing the relative stock market return of oil companies to a wide proxy like the S&P 500 Index (SPX).

The difference between the return on equity of the oil companies and of the Fortune 500 is expressed as a percent return on equity of the Fortune 500.

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