Exxon stock will be affected by U.S. presidential elections: here’s how

By:
on Jan 31, 2024
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  • Donald Trump in a supporter of conventional energy.
  • Oil stocks like Exxon may not celebrate Biden's return.
  • Exxon stock is down 15% versus its 52-week high.

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Many believe the 2024 U.S. presidential elections will meaningfully affect oil stocks moving forward because the likely candidates of both parties are miles apart in terms of views on energy.

Exxon Mobil Corp (NYSE: XOM) will particularly remain in focus considering it’s a key name in this space.

What Donald Trump’s victory may mean for Exxon stock

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Exxon stock will likely shine in the coming years if Donald Trump is elected as the 47th president of the United States in November.

That’s primarily because he’s a known supporter of conventional energy. In fact, Trump was the one that made the U.S. the top producer of oil and gas and delivered “historically low costs for oil, gas, diesel, and electricity”, as per his website.

So, if he’s in the White House, it’s conceivable that the policy would focus on energy independence – and that would likely be a material benefit for the likes of Exxon Mobil Corp.

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Shares of the oil and gas behemoth are currently down 15% versus their 52-week high.

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What Joe Biden’s return may mean for Exxon stock

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Interestingly, Exxon stock has more than doubled since Joe Biden became the president of the United States.

But much of that gain is related to the post-covid surge in energy demand and a subsequent recovery in $XOM that was roughly cut in half at the peak of the global health crisis.

Other than that, it’s fairly known that President Biden has a bone to pick with the conventional energy companies like Exxon Mobil Corp which he once grilled for having “made more money than God” at the expense of the U.S. consumer.

Last week, Joe Biden paused pending approvals of LNG exports as well. So, it’s kind of a given that oil and gas giants like Exxon are unlikely to celebrate his return to the White House.

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