With a Biden-Trump rematch looking likely, here’s how the 2024 presidential race might shake up the fossil-fuel sector
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.
“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.
“Renewed trade tensions would further hit already weak global trade, hitting trucking and thus diesel demand,” the bank’s analysts said in a note this month. “That hasn’t entirely won out, because the regulation hasn’t been quite as tight as we initially anticipated, and production has actually been fairly prolific in spite of the administration,” Book told MarketWatch. Even so, the reverse of that trade “probably still holds true now.” In other words, traders may want to sell the commodity while buying oil companies if they anticipate a Trump victory in a tight White House race.
“If there’s real talk about rescinding methane regulation — there are several different avenues and different areas of it — that could have impacts for exports,” he said. ‘Energy will be on the ballot’ Climate activists and environmentalists describe the Biden administration’s tacking from one side to another in a different way.
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