In This Article:
Oil (CL=F, BZ=F) prices are pulling back slightly today but have surged overall since the start of the year.
Stephen Schork, principal at the Schork Group, joins Market Domination Overtime to discuss how President-elect Trump’s upcoming executive orders could boost the oil industry by reversing the Biden administration's policies, particularly around electric vehicles.
Schork says that anything positive for the oil industry "begins in the energy market." He highlights a return to the Barack Obama era, citing how the former president embraced oil, coal, and nuclear.
"Take the first Trump administration out of this; let's go back to the Obama administration, and we read the 2012 DNC platform and how Obama embraced, yes, renewables of course, but he also embraced oil, he embraced coal, he embraced nuclear, he embraced natural gas," Schork says, noting that this focus will be returning under Trump 2.0.
Additionally, Schork also explains that the Israel-Hamas conflict has a small impact on oil prices, but tougher sanctions on Russia and Iran are expected to drive prices higher in 2025.
Related Videos
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
This post was written by Josh Lynch