Transition To Higher Energy Prices

It looks like that the transition process is beginning to a Joe Biden administration and is already leading to higher energy prices. President Trump tweeted that he wanted "to thank Emily Murphy at GSA for her steadfast dedication and loyalty to our Country. She has been harassed, threatened, and abused – and I do not want to see this happen to her, her family, or employees of GSA. Our case STRONGLY continues, we will keep up the good fight, and I believe we will prevail! Nevertheless, in the best interest of our Country, I am recommending that Emily and her team do what needs to be done with regard to initial protocols and have told my team to do the same. 

Photo by Zbynek Burival on Unsplash

Oil prices are up on a risk-on attitude as Janet Yellen, who never met a printed dollar that she did not like, will likely become Treasury Secretary and John Kerry as a climate czar is causing oil and gasoline prices to rise. Both Yellen and Kerry's inclinations, as far as the markets are concerned, are well known. Janet Yellen, the noted policy dove, and Kerry, the climate change hawk, set the stage for the new energy of anti-petroleum agenda and more energy regulation. The combination of Janet Yellen pushing for more accommodation and John Kerry's support for the Paris climate accord means that the outlook for energy price will be substantially higher over the next four years.   

Kerry is an internationalist that will allow other countries to pollute and put the screws on U.S. producers. Kerry will look the other way when countries like China cheat on emissions and will not hold them accountable because he would not want to offend them. Yet if you are a U.S. company, get ready for fines and oppressive oversight. Shale bankruptcies will continue to rise and the odds of the U.S. regaining lost energy production from before the pandemic, now looks slim. Factories in the U.S. will start looking to build offshore where environmental regulations will be less strict like in China because they will be viewed as a developing nation.

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