Buy low, sell high..Warren Buffet has taken the old adage to a high art. And now he’s betting big on fossil fuels despite all the talk of transitioning to clean energy fuels.. Warren BuffettWarren Buffett, the Oracle of Omaha .On Tuesday, regulatory filings showed the Oracle of Omaha sunk a cool $275 million into Los Angeles-based Occidental Petroleum on the open market after its shares sunk below $60 due to falling oil prices..He previously bought another $300 million worth of shares after oil prices fell below $70 per barrel in May. With the buys, Berkshire Hathaway now owns 222 million shares of the company, about 25% of its outstanding stock, worth $13 billion.. Occidental stock priceWarren Buffett’s Berkshire Hathaway owns about 25% of Oxy. .According to Barron’s, Berkshire owns another $9.4 billion of Occidental’s preferred shares that carry an 8% annual dividend and 84 million purchase warrant with an exercise price of $59 a share making it Oxy’s largest shareholder..At Berkshire’s annual meeting Buffet denied he is trying to take control of the company, but rather, likes its assets. .“There’s speculation about us buying control, we’re not going to buy control,” Buffett said. “We wouldn’t know what to do with it … but we love the shares we have.”. Berkshire Hathaway chartBerkshire Hathaway shares are up almost 50,000% over its lifetime. .Oil prices have fallen with fears of a US debt default, poor economic numbers out of China and lingering fears of a US recession. On Wednesday they were down almost $1 to $68.51..Berkshire shares were down about $2,300 in New York Wednesday, to $486,883.90.
