The Dallas Fed survey of oil and gas firms released this week revealed deep dissatisfaction with the Biden administration. Donald Trump has made it clear he would provide greater support for the sector, including cries to “drill, baby, drill”. However, we wouldn’t take it for granted that US oil output would increase if Trump won the election. After all, it is not necessarily the case that rhetoric translates into reality. All told, we think that regardless of the election winner, US fossil fuel output will be dictated by economic forces more powerful than the White House.
We will also be hosting a drop-in on Tuesday 2nd July (9:30am BST) in which we will discuss the outlook for energy, gold, and industrial metals prices. You can sign up here.
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