with oil prices down this month billionaire investor warren buffett is once again buying the dip by adding to one of his favorite energy stocks as his investing conglomerate berkshire hathaway purchased roughly 500 million worth of occidental petroleum shares this week buffett’s berkshire hathaway purchased roughly 95 million shares of occidental over the past week at a cost of nearly 530 million according to a new regulatory filing late on wednesday after a buying spree that started in late february buffett’s investing conglomerate now owns roughly 152 million shares of occidental—a 163 stake worth nearly 85 billion that makes berkshire by far and away the largest shareholder in the energy giant shares of occidental petroleum failed to rally on the news thursday but it remains one of the bestperforming stocks this year rising over 90 thanks to the massive spike in oil prices that has occurred this year though oil has spiked this year—reaching a high of nearly 140 per barrel ever since russia’s invasion of ukraine in late february prices have moderated this month with energy stocks paring back some of their momentous gains from earlier in 2022 oil continued to fall on thursday the price of us benchmark west texas intermediate sits at nearly 105 per barrel down from nearly 120 at the beginning of june while international benchmark brent crude trades at 110 per barrel buffett is betting that the spike in oil and gas prices won’t end anytime soon and is using some of the recent declines as a buying opportunity amid analyst predictions that oil will remain well above 100 per barrel throughout the summer the sp 500 energy sector has been the bestperforming area of the market amid the brutal selloff so far this year rising over 20 compared to the benchmark index’s more than 20 decline while experts agree that energy companies have been “enjoying robust profits” others predict that oil prices may have “peaked” and could moderate by next year “oil volatility will remain elevated now that opposing opinions are emerging on where prices will finish the year” predicts edward moya senior market analyst at oanda prices are “under pressure” amid global recession fears and high inflation with “all the shortterm drivers turning negative for the crude demand outlook” buffett’s other favorite energy stock is chevron shares of which are up more than 18 this year with a massive stake worth around 26 billion it is one of the billionaire investor’s top holdings after the likes of apple and bank of america that’s how much buffett is worth according to forbes’ calculations he is the ninth richest person in the world what to watch for the latest move fuels additional speculation about whether buffett could up his stake in occidental to 20—or go even further and try to buy the whole company energy stocks jump as oil surges again—prices will remain elevated through summer forbes