With the US Presidential election more than a week behind us and, with Republicans controlling the Senate and House as well as the White House, the so-called 'Trump trade' is well underway. One might expect that a large part of that would be a bullish move in US oil stocks but, while that has happened to some extent, the exuberance of the market has been tempered by the fact that crude has been mired below $70, close to its 52-week lows.
In fact, one could argue that the combination of increased US supply and tariffs that will raise the specter of retaliatory restrictions on American businesses overseas will make the next four years extremely challenging for those with extensive overseas holdings. The obvious first task for investors, therefore, is to look at which companies are more focused on US reserves than foreign. The latest survey of US reserves was released in August, and the numbers might surprise some people.
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