While former President Donald Trump and his fellow Republicans often proclaim they want to stop what they call President Joe Biden’s “war on American energy,” analysts and environmentalists say the Democratic incumbent has not exactly acted in complete opposition to the oil and gas sector. Overheated campaign rhetoric aside, there are in fact expectations that the 2024 presidential race could shake up the fossil-fuel industry, given the big differences between Biden and Trump, the likely GOP nominee.
For starters, analysts anticipate that Trump could deliver lower prices for crude oil by helping to boost global supply. That would be even as U.S. oil production has touched its highest level on record under Biden, which has helped keep a lid on prices. A second Trump term “would be bearish overall” for oil prices, said Tom Kloza, global head of energy analysis at OPIS, meaning it would be marked by lower prices. The drivers for that, he said, would include increased output from Saudi Arabia, which leads the Organization of the Petroleum Exporting Countries, and from Russia, as a Trump administration would probably be friendlier toward those two countries. “You probably would look at the Saudis using some spare capacity, and some sort of rapprochement between Europe and the United States and Russia, and just generally more more drilling in the U.S. and elsewhere,” the OPIS expert said. OPIS is an energy-data and analytics provider that is part of News Corp’s Dow Jones, the publisher of MarketWatch. In the “very short term,” another Trump presidency could be bullish for oil prices, Kloza reckons, because Trump would take a tougher stanc …
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For starters, analysts anticipate that Trump could deliver lower prices for crude oil by helping to boost global supply. That would be even as U.S. oil production has touched its highest level on record under Biden, which has helped keep a lid on prices. A second Trump term “would be bearish overall” for oil prices, said Tom Kloza, global head of energy analysis at OPIS, meaning it would be marked by lower prices. The drivers for that, he said, would include increased output from Saudi Arabia, which leads the Organization of the Petroleum Exporting Countries, and from Russia, as a Trump administration would probably be friendlier toward those two countries. “You probably would look at the Saudis using some spare capacity, and some sort of rapprochement between Europe and the United States and Russia, and just generally more more drilling in the U.S. and elsewhere,” the OPIS expert said. OPIS is an energy-data and analytics provider that is part of News Corp’s Dow Jones, the publisher of MarketWatch. In the “very short term,” another Trump presidency could be bullish for oil prices, Kloza reckons, because Trump would take a tougher stanc …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]