Energy prices lift oil and gas stocks, weigh on the economy

By DAMIAN J. TROISE
AP Business Writer

Energy prices are soaring in 2021 and oil and gas stocks are the clear winners, but the losers might just turn out to be businesses and consumers. The energy sector has far outpaced the broader market this year. The S&P 500’s energy stocks are up more than 50%, compared with a roughly 20% gain for the overall index. Devon Energy, Marathon Oil and Occidental Petroleum have all more than doubled in value this year. While energy stocks are reaping the benefits from high demand and lagging supplies, other areas of the economy are having a tougher time coping.