Beyond the fears of the Coronavirus and a recession, Texas oil firms fear that a Biden controlled White House will have a negative impact on the booming US oil industry.
Energy magazine, Oil Price, quotes a recent carried out among members of the Texas Oil and Gas Association where 76 percent of them stated that Democratic Presidential Candidate, Joe Biden winning the White House in November will be a huge threat to the existence of their companies.
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The survey which was carried out by the University of Houston’s Hobby hobby school of public affairs recorded 51 percent of top oil executives stating that Biden would pose a great deal of concern for their companies while 25 percent said he would pose a good deal of concern for the economic well-being of their companies should he become US President.
Another major consideration for oil giants in the US are basic oil fundamentals which include; over-supply of oil and natural gas which 75 percent listed at the top of their concerns; 73 percent fear lingering weak demands for their commodity under a Biden Presidency.
The prospect of a global recession affecting the US economy is also a major concern for Oil companies as 68 percent of them describing it a great deal and a good deal of concern for their oil installations.
Another survey conducted by the University of Houston among Texas Oil executives say Trump retraining the White House in November poses the weakest threat to their companies. Only 11 percent deemed his re-election a threat or good deal of concern.
98 percent of these oil executives expect a much higher price for WTI crude in May 2021 than its present average price of $34 per barrel.
Asides from these surveys Oil executives decried the fact that Joe Biden has promised to rescind authorization for the Keystone XL oil pipeline which was granted by Trump after Obama refused ascent to it.
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