RE:RE:RE:RE:PRICE OF OIL i doubt the US shalers would pile in to drill new wells even when trump allow them to.
The previous shale oil relies on low rate junk bond, debt is no longer cheap now.
Beside, the survivors just finish off paying off their old debt, doubt they want to rack new debt.
I see both US shalers and OPEC like the sweetspot oil at 80 WTI. Shareholders also want a rate of return, not more production at little profit.
Offgridtrader wrote: I don't want to wade into the politics as I don't really care, both are puppets in terrible suits... However assuming Biden keeps the status Quo Trump is always a wild card.
Let's say in his first day of office he does the exact opposite of Biden and on a presidential order he orders the restart of construction on the Keystone XL pipeline.
Then he pad's the pockets of his buddies in big oil and begins to refill the SPR just as fast as Biden drained it. (Cough* Mar-a-Lago $1B ask* cough* cough*)
Then he reinstates (and reinforces) sanctions on Venezuela and Iran.
The negative - he Guts Biden's green anti oil environmental policies to allow more drilling on federal lands ( There's a 1-3 year latency effect before this materially affects domestic production as new wells are slowly brought online, it's not an immediate implosion to our domestic market)
These are all things he's loudly talked about over the last few years... What do you think will happen then? It's not all bad news bears.
I see benefits to heavy oil weighted Canadian producers exporting more crude to the USA... Not so much for the rest of the global players but then again I don't own foreign oil stocks, I own CANADIAN ones.
Time will reveal all.