"We talked about this about eight months ago on your Energy Report and, at that time, oil was about 85 dollars a barrel. And since then, oil is up about 22 percent," says Mickey Cargile, Managing Partner at Western National Bank.
Cargile says oil stocks are up even more. "When we look at things like Exxon and Apache, they're both up over 30 percent. The more local companies, like Concho, is up 77 percent. Clayton Williams Energy is up 130 percent."
And despite some concerns, Cargile believes it's a very good time to invest in the oil industry. "Oil may be a little high right now because of the events in Northern Africa, but I do think over time, demand will replace that and that we'll continue to see higher oil prices"
Cargile also says the nuclear crisis in Japan could actually help our local industry and it's investors. "What's happened in Japan will shut down this talk of more nuclear energy in the U.S. and that should increase the demand for natural gas. And I think that's really a key for our local economy. "
For more investing advice, you can give Cargile a call 432-617-1394.