How would a Kamala presidential win impact the oil industry?
Kamala Harris is the likely Democratic candidate for the upcoming November elections in the US, with a career as a public prosecutor and a vice president that could prove daunting for the oil industry.
Her career is packed with lawsuits against oil companies, including Chevron, alleging the mishandling of dangerous materials, with another lawsuit against the Plains All-American pipeline in 2015 due to an oil leak.
It’s interesting that Harris claimed another lawsuit against Exxon, which seems to be false according to Inside Climate News, however it does seem obvious that she would be harsher on the industry compared to Joe Bide.
In the early 2000s, when Harris was a lawyer in the San Francisco area, she founded an environmental justice unit to deal with crimes such as dangerous refuse and others.
Harris said in a 2005 newspaper quote that crimes against the environment are crimes against societies, and especially the marginalized.
As the previous public prosecutor of California, and an ex-senator, she was a staunch supporter of the new green deal that pushed California towards a green future, although it did cost a great deal of money.
Gared Hoffman, a California Democratic Representative said in a Bloomberg interview that Harris will prove a leader to take the fossil fuel industry into strict account and monitor their excesses.
However, Harris might struggle with energy-heavy states such as Pennsylvania due to her harsh views on the industry.
Analysts note that she has multiple options, such as focusing on her base at the risk of losing swing states such as Pennsylvania, or tone down her rhetoric as she did in the 2020 elections with Biden to gain voters in such critical oil and gas rich states.
In all cases, a Harris presidency will no doubt exact a heavy toll on the oil and gas industry in favor of wider investments into renewable sources.
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Bank of Canada cuts rates as expected
Bank of Canada voted to cut interest rates by 25 basis points as expected to 4.50% from 4.75%, matching expectations.
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US crude stocks tumble by 4 million barrels last week
Official data from the Energy Information Administration showed commercial crude stocks fell by 3.7 million barrels in the week ending July 10, the fourth decline in a row, passing estimates of a drop of 2.6 million barrels.
According to the data, official US stocks are now down to 436.6 million barrels, the lowest since early February, and a positive sign for demand in the US.
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Wall Street driven lower by tech pressure
US stock indices fell on Wednesday under pressure on the tech sector as investors assess earnings.
Investors now await the earnings results of IBM and Ford Motor later today, in addition to crucial GDP growth results tomorrow.
Yesterday, both Alphabet and Tesla reported their earnings results.
On trading, Dow Jones fell 0.8%, or 350 points as of 17:45 GMT to 40,008, while S&P 500 fell 1.8%, or 102 points to 5453, as NASDAQ declined 3%, or 540 points to 17,460.
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