Fossil fuel consumption looks to increase as cold and windless conditions dominate the Northern hemisphere. Here are four fossil fuel stocks to buy as the oil price moves back to 2021 highs: Exxon (XOM), BP (BP), TotalEnergies (TTE), and Chevron (CVX).

The new year started the same way 2021 did – with rising oil prices. The WTI crude oil price is back to its recent highs after the panic triggered by the Omicron variant. Because the new COVID-19 variant is seen as milder than previously thought, markets are back in risk-on mode. As such, the price of oil recovered from its correction and has threatened to break above the 2021 highs.

Make no mistake, demand for oil is strong and rising. For example, on Jan. 15, cold and windless conditions were the cause for why some countries increasingly relied on fossil fuels to generate electricity. Germany at 45% of recent fossil fuel consumption, or the Netherlands at 70%, are just two examples.

Here are four fossil fuel companies to consider buying as the price of oil creeps higher.

Exxon (XOM)

Exxon is one of the largest oil and natural gas producers in the world. As an integrated oil and gas company, it operates over 22,000 oil wells and employs more than 70,000 people. The stock price has been up +17.45% year-to-date, and the company pays a dividend. The forward dividend yield is 4.9%, and Exxon increased it for 20 consecutive years.

The transition to green energy coupled with the COVID-19 pandemic led to the stock price collapsing from $100 to below $40. But increased demand for fossil fuels is responsible for the stock’s comeback, and one should not exclude new highs.

BP (BP)

BP is a London-based energy company with international operations. Its stock price has been up even more this year, over 20%. Investors are attracted by the hefty dividend and rising demand for oil.

TotalEnergies (TTE)

TotalEnergies is a European-based energy company. Its stock price has been up over 15% this year alone, and the year-over-year revenue growth is bigger than the sector median by 49.10%.

Chevron (CVX)

Chevron is one of the oldest oil companies in the world. Its stock price has been up +9.89% year-to-date and over 30% in the last twelve months as the global economic recovery from the COVID-19 pandemic continued.

The P/E ratio for 2022 is seen at 12.12, and the stock price was upgraded to a buy at Wells Fargo this January.