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$CPE $PVAC $LPI So Joe Biden is officially president and the Dems hold congress. What does that mean for market fundamentals? Here are thoughts:ND84, published January 24, 2021
1) A commitment to converting from fossil fuels to renewables:
Unless he and the Dems are able to ban hydraulic fracturing on state and public lands in Texas, this commitment means very little in the next few years to come for Texas-based companies.
2) Cancellation of the Keystone pipeline:
This will actually be a boost for US oil producers. The Keystone would bring in another 800k of daily oil from Canada, extra production that would lower WTI and other US oil markets.
3) An easing/lifting of US sanctions on Iranian oil production (US sanctions on Venezuela could be lifted/eased, but that country is an absolute, sinking mess):
This would add oil to the global oil markets (upwards of 1-2 million barrels per day in the coming years) and therefore is a negative towards all oil producers throughout the world located outside of Iran.