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Joe Biden took key actions related to the energy market on day one of his presidency. Democrat Joe Biden took his place as president of the United States on Wednesday and promptly took actions that may have a long-term impact on oil prices and also show a vastly different approach to the energy market than his predecessor. On day one as president, Biden revoked approval for the Keystone XL oil pipeline and rejoined the Paris climate agreement, the 2016 pact which set a global framework to battle climate change. Those decisions offer an “indication of the new president’s attitude towards fossil fuels, a sobering action for market observers who look at the long term,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. He expects actions by the Biden administration to reduce long-term oil demand as the move away from fossil fuels accelerates. Still, that potential loss of demand may not be obvious early on in the presidential term, he said in emailed commentary. “The stimulus package and the infrastructure plan the new administration is putting forward will cause an uptick in oil consumption.” If all promises by the president are kept in his first year, oil demand […]
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