With the ebb and flow of oil stocks buoyed to the lingering crisis in the Gulf, concerns about investing in oil companies continues to swell.
A recent survey from the financial services firm Edward Jones found that 65 percent of Americans are reluctant to invest in oil company stocks.
An overwhelming 71 percent of women and 58 percent of men say they would not choose these stocks if they had money to invest.
The study of 1,009 respondents, which was conducted by Opinion Research Corporation on behalf of Edward Jones, shows that age played a factor in results.
Americans between the ages of 45 and 54 are the most likely to invest in oil company stocks, while those between 18 and 34 are the least likely to invest in oil company stocks.
Nearly three-quarters of respondents between 18 and 34 say they would not invest in oil stocks at all.
Despite Americans’ dismal views on investing in oil, Edward Jones senior energy analyst Brian Youngberg believes now is an opportune time for investors to put their money in oil stocks.
Energy stocks expected to rise
“We see oil and natural gas rising in the coming months and expect energy stock prices to follow suit,” said Youngberg. “Energy stocks offer attractive dividend income, tend to be less volatile over time and can help investors diversify their portfolio and broaden their exposure in the energy sector.”
Surveyors found annual household income played an influential role in results, as Americans in the highest income brackets are slightly more inclined to put money in oil company stocks than lower earners.
Forty percent of respondents with an annual income between $75,000 and $100,000 and 44 percent of those making more than $100,000 responded they would invest in oil stocks.