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Wall Street’s Fink, Dalio Welcome Back Big Oil on ESG, Inflation

  • BlackRock says oil producers are ‘critical’ in decarbonization
  • Bridgewater’s Dalio praises industry for stemming inflation
Ray Dalio
Ray DalioPhotographer: Al Drago/Bloomberg

Wall Street’s biggest investors are welcoming back oil and gas stocks, and not just because of their knock-out performance over the past 18 months.  

Forward-looking fossil fuel producers will play a “critical” role in decarbonizing the world economy, BlackRock Inc. Chief Executive Officer Larry Fink said in his annual letter to CEOs on Monday. Meanwhile Ray Dalio, founder of hedge fund Bridgewater Associates, praised their role in tamping down inflation.