US oil and gas production climbed to record highs under Biden, this election won’t impact

Capital Economics argues:

• “The outcome of the U.S. election won’t have a sizeable impact on most commodity prices over the next few months,”
• “Instead, differences between the candidates’ views on vehicle emissions, [liquified-natural-gas] exports and foreign-policy stance on Iran could affect oil and [natural-]gas prices over the next five years.”
• US oil and gas production climbed to record highs under President Joe Biden … Harris has not outlined any plans to regulate the sector more than Biden
• While perceptions are that Trump will try to remove subsidies for electric vehicles or weaken vehicle-emission standards, and thus lead to higher U.S. oil demand … Trump’s friendship with Tesla Inc. Chief Executive Elon Musk suggests that the “status quo may be maintained and that the U.S. vehicle fleet will steadily become more fuel efficient as electric- and hybrid-vehicles sales rise”

Link is here for more detail.

This article was written by Eamonn Sheridan at www.forexlive.com.