“Total”: The US elections in 2024 may cause a major shock to the energy sector

   

   The CEO of the French oil giant Total Energies, Patrick Pouyanne, said today, Saturday, that the US presidential elections could cause a massive shock in the energy sector if the Republicans won and decided to stop hydrocarbon exports.

The only thing that could happen, which is a huge systemic risk, is that the Republicans decide to stop exporting... I'm not sure it will be about gas, maybe it will be about oil someday.

He added during the session, which included other executives in the energy sector: “The Americans make the price of domestic gas or oil the basis of all their policies, and they have resources, and if they feel that exports will raise their prices, they will stop working with us. Now I can tell you that if we We lost American gas and oil, as well as Russian oil and gas, so it will not be a shock, but a big shock.

At least 11 Republican candidates have announced their Republican nomination to challenge Democratic President Joe Biden in the November 24, 2024 election. They have made few clear political commitments since then.

Last year, the Biden administration made the largest-ever sale of strategic oil reserves of 180 million barrels as part of a strategy to restore stability to high-priced oil markets and overcome soaring extraction costs in the wake of Russia's invasion of Ukraine.

The sale angered Republicans, who accused the government of leaving too little stockpile for the United States to properly handle any future supply crisis.

Pouyanne also said he expected the price of a barrel of oil to be "sustainably high" due to the global shift towards clean energy sources and lower investment in the oil sector.