"The fossil fuel industry invested $75 million to secure Trump's victory, and now they're expecting a return," said the executive director of Oil Change International.
The oil and gas industry contribution is relatively small compared to the financial sector. The fact is that many oil and gas investors lost money under Trump, and many people who went all in on Obama’s shale investment in 2013-2014 lost almost everything when Trump came into office.
The US regained its oil and gas top exporter status after Biden came into office and started the Ukraine war.
Now that the prices have stabilized, the only major way for Trump to strengthen the oil and gas profit is for China to boost its consumption once again. That requires Trump to negotiate a deal with China that helps stimulate the Chinese economy. Only China can help Trump regain the favors from the oil and gas sector.
China’s oil and gas consumption isn’t gonna rise no matter how much stimulus a Trump deal brings, they’re already past peak gas with electric vehicles.
Not that fast. 90% of Chinese vehicles are still ICE. Consumption is low right now, they aren’t buying enough of the EVs yet. And you have to think beyond EVs - industrial production scaling up will also consume a huge amount of oil and gas. If China wants to keep meeting their growth target, consumption has to go up.
You can see for yourself here: https://www.opensecrets.org/2024-presidential-race/donald-trump/industries?id=N00023864
The oil and gas industry contribution is relatively small compared to the financial sector. The fact is that many oil and gas investors lost money under Trump, and many people who went all in on Obama’s shale investment in 2013-2014 lost almost everything when Trump came into office.
The US regained its oil and gas top exporter status after Biden came into office and started the Ukraine war.
Now that the prices have stabilized, the only major way for Trump to strengthen the oil and gas profit is for China to boost its consumption once again. That requires Trump to negotiate a deal with China that helps stimulate the Chinese economy. Only China can help Trump regain the favors from the oil and gas sector.
China’s oil and gas consumption isn’t gonna rise no matter how much stimulus a Trump deal brings, they’re already past peak gas with electric vehicles.
Not that fast. 90% of Chinese vehicles are still ICE. Consumption is low right now, they aren’t buying enough of the EVs yet. And you have to think beyond EVs - industrial production scaling up will also consume a huge amount of oil and gas. If China wants to keep meeting their growth target, consumption has to go up.