U.S. oil producers are looking forward to less regulations on crude production under a Donald Trump presidency, meaning higher oil supply and consequently lower prices.
U.S. oil producers are looking forward to less regulations on crude production under a Donald Trump presidency, meaning higher oil supply and consequently lower prices.But it's not that straightforward: Trump who was announced Wednesday as the winner of the 2024 election, has also vowed to put more sanctions on Iranian and Venezuelan barrels, meaning the global market could become tighter, potentially boosting prices.
U.S. oil and gas production hit record highs under the Biden administration, which gradually changed its approach to the industry despite campaigning on pledges of environmental stewardship.— are currently trading in the $70 to $75 per barrel range, which is lower than what many oil producers seek to balance their costs and budgets amid slowed global demand for oil and growing supply.
"Drill baby, drill is going to run into the energy vigilantes," he added."Now that equity investors in the energy business know what free cash flow looks like they won't give it up. They will allow capital expenditures to go up over their dead body."accounting for 22% of the global total, according to the Energy Information Administration, with Saudi Arabia next, producing 11%. The vast majority of U.S.
"For me, today, the U.S. has a clear competitive advantage on energy compared to many rest of the world," he said."So I will be surprised to see whoever is elected lose the competitive advantage."