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Thursday, November 10, 2016
President-elect Donald J Trump, has a nice ring to it, doesn’t it? Well that depends on who you ask. For the petroleum industry in the US there seems to be a resounding yes as US energy stocks surged with the opening bell.
According to some, the Trump victory is an opportunity to roll back the regulations enacted by President Barak Obama and cut through some of the bureaucracy that has held back investment in new projects. ExxonMobil says it hoped Trump’s administration would use “sound science” on future regulations
The US is seemingly set to return to the “Drill Baby Drill” way of life many in “big oil” have been pushing for, with the biggest surge in share prices coming from firms who hold US shale acreage.
On the opposite side of the spectrum we have climate activists who probably are not as thrilled as the big oil firms with Trump’s win at the polls. Pushes for climate change initiatives will fall by the wayside, much to the delight of major E&P firms in the US, as Trump’s stance on global warming is that it is a “hoax” perpetrated by the Chinese.
There is also OPEC whose punishment for the US’ shale production was to produce even more despite crude prices bottoming out and only the wealthiest of the cartel’s members not suffering because of the bottom of the barrel prices. The producing group had just decided to rein in production prior to the US election in an effort to prop up prices. Trump’s pledge to open all federal land and waters for exploration will surely make the cartel’s top producer, Saudi Arabia, irate.
While the surge in share prices the morning after the election may just be a one-off in reaction to Trump’s win, E&P firms, service firms, and drillers are all hoping that ‘happy days are on the way’.
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