October 12, 2020/Media, Press

International Investment Group Sees Joe Biden’s Presidency and the “Blue Wave” in Texas as a Positive Catalyst for Oil and Gas Prices

Austin, Texas – Today, a new report from CNBC shows the Joe Biden Presidency will be a “positive catalyst” for oil and gas prices in the state of Texas.

Energy sectors in Texas have been decimated by the Trump presidency, with oil reaching below zero dollars a barrel, energy companies forced into mass layoffs of employees due to the coronavirus crisis, and big energy companies such as Exxon forced out of the Dow.

Donald Trump has failed Texas energy. Joe Biden will restore Texas’ promise as one of the leading energy producers in the world.
ICYMI: CNBC: Goldman says a Biden win could be a ‘positive catalyst’ for oil prices

“We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil and gas prices, with a Blue Wave likely to be in fact a positive catalyst,” the bank’s commodities team at Goldman Sachs wrote in a research note Sunday.”

More from CNBC:

  • “Headwinds to U.S. oil and gas production would rise further under a Joe Biden administration, even if the candidate has struck a centrist tone,” the note said.”
  • “Goldman sees improved demand in 2021 and tighter supply for both gas and shale oil superseding election results, though a Biden administration could provide a further boost to oil prices by making production — especially for shale — more expensive and more regulated.”
  • “If Trump is re-elected, while pro-oil and gas policies would remain in place, “its impact would likely remain modest at best,” Goldman’s analysts wrote.”
  • “Goldman’s bullish demand outlook takes into account a potential $2 trillion stimulus under Biden with more renewable energy investment along with an infrastructure push, which it forecasts could boost U.S. demand by around 200,000 barrels per day.”

Texas Democratic Party Communications Director Abhi Rahman issued the following statement:

“President Trump, Vice President Mike Pence, and Governor Abbott’s mishandled response to the coronavirus pandemic caused our current economic crisis. Now, we see job losses across Texas’ economy, including renewable energy and energy efficiency industries. Texas’ energy industry, the once a shining star of our state’s economy, has been devastated.

“It did not have to be this way. While other countries are recovering, Texans and Americans across the United States are struggling without any relief in sight.

“To save Texas energy, we must elect Democrats in November. Texas Democrats believe in an ‘all of the above’ energy approach. Both our oil and gas and renewable energy sectors will make sure Texas remains one of the world’s greatest energy producers. We must elect Joe Biden, Kamala Harris, and Texas Railroad Commission candidate Chrysta Castañeda to ensure that we remain leaders in the 21st-century energy economy.”

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