Are you voting for the pro-oil candidate or the anti-oil one?
Former President Donald Trump is a vocal champion of the energy industry and wants the U.S. to βdrill, baby, drill,β while Vice President Kamala Harris has previously voiced support for a fracking ban. But figuring out which politician actually is more favorable to the industry is trickier than it seems.
In the three-week period between President Bidenβs poor debate performance that cemented Trumpβs lead and Bidenβs departure from the race, crude-oil prices fell 3%, while a basket of large U.S. oil-and-gas companies rose nearly 2%. They usually move in tandem, but the divergence makes sense: As industry veteran Dan Pickering, chief investment officer of Pickering Energy Partners, put it: Trump is friendlier to the industry and riskier to the commodity price, while Harris is riskier for the industry and more bullish for price.
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