据美国彭博新闻社5月12日报道，沙特阿拉伯国家石油公司（沙特阿美）5月11日前从美国苹果公司手中夺得世界最有价值企业的桂冠，这凸显了投资者对石油和天然气的兴趣，因为全球各国都在对抗猖獗的通货膨胀和能源短缺。

由于化石燃料在日常生活的方方面面重新彰显其至关重要的地位，通过科技股购买未来股票正让位于对当前通货膨胀和能源短缺的担忧。从食品到飞行，能源价格的上涨对经济的各个方面都产生了影响，加剧了通货膨胀。  

在过去10年的大部分时间里，低油价和低通胀让央行得以在长期摆脱2008年金融危机的过程中通过降息来刺激经济。随着消费者向低碳未来转型，投资者利用这个机会买入建立在技术基础上的新经济。  

但全球经济仍依赖石油和天然气，疫情以后需求激增，加上军事冲突爆发，导致供应短缺，这对传统能源生产商有利。沙特阿美目前的股价接近历史最高水平，今年标准普尔500指数前10大股票中有9家是石油和天然气公司。能源股今年在该指数中所占份额几乎翻了一番，其中国内页岩生产商和炼油商领涨。

即便如此，从科技向油气的逆转仍有一段路要走。尽管特斯拉的市值今年缩水了三分之一，但它的市值仍是埃克森美孚公司的两倍多。

5月11日，美股科技股重挫，苹果公司收盘暴跌5.2%，市值跌至2.37万美元。与此同时，沙特阿美股价逼近历史最高水平，市值达到2.43万亿美元，这使得沙特阿美超越苹果，自2020年以来再次成为全球市值最高的企业。

李峻 编译自 美国彭博新闻社

原文如下：

Aramco topping Apple shows oil is king in energy-short 2022

Saudi Aramco taking the crown of the world’s most valuable company from Apple Inc. underscores investors’ appetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages. 

Buying the future through tech stocks is taking a back seat to the concerns of the present, as fossil fuels reassert their critical importance in all aspects of daily life. Elevated inflation is underpinned by rising energy costs that ripple through all aspects of the economy, from food to flying. 

For much of the past decade, low oil and gas prices and muffled inflation allowed central banks to reduce rates to spur their economies in the long exit from the financial crisis in 2008. Investors took the opportunity to buy into the new economy built on technology as the consumers transitioned toward a low-carbon future. 

But the global economy still runs on oil and gas, and surging demand after the pandemic combined with the war  is causing a shortfall in supplies that plays right into the hands of traditional energy producers. Aramco now trades near the highest on record and nine of the top ten stocks in the S&P 500 Index this year are oil and gas companies. Energy has nearly doubled its share of the index this year, with domestic shale producers and refiners leading the charge. 

Even so, the reversal from tech to oil and gas still has some way to go. Despite losing a third of its value this year, Tesla Inc.’s market capitalization is more than double that of Exxon Mobil Corp.