Traditionally Republicans have been more significant friends of the oil and gas industry.
Increasing domestic oil production would theoretically achieve several goals for the new administration: increase domestic economic activity and employment, increase domestic energy security, and lower oil and gas prices.
Interestingly, oil and gas production in the United States right now, the world's largest producer, has never been higher, and oil and gas prices, while well above pre-COVID levels, have stabilized.
The incoming Trump administration will likely reduce federal regulations on drilling, pipeline development, and environmental protections that limit the expansion of oil and gas projects.
This infrastructure investment benefits the oil services industry by enabling more accessible transport and new development projects, which Biden canceled.
Persons:
Trump, Kamala Harris's, Biden, YTD We'll
Organizations:
Republicans, Trump, Keystone XL, Dakota, Schlumberger, Schlumberger Ltd, HAL, CNBC, NBC UNIVERSAL
Locations:
Pennsylvania, United States, North, Halliburton, North America