Photo: Moment RF
Election day is less than a week away, and many Americans are wondering if that means they might finally see some relief at the gas pump soon. One thing is for sure: the next President will have a major impact on the oil markets.
Despite Democrats and the mainstream media telling us for years that the President doesn't actually set gas prices, Americans have learned that if the wrong person is in the Oval Office, prices can indeed skyrocket.
Market Analyst Phil Flynn told KTRH that "they set the tone for investment. Is investment friendly in the oil and gas industry?" That's why he says everyone in the industry is paying very close attention to this election cycle.
Flynn explains that presidents have many different ways of affecting the market, but the greatest effect is how they regulate the industry. He said, "That's where it's going to matter. If President Trump gets into office, and we start lifting regulations, I think that's going to mean lower energy prices. No doubt about it."
In contrast, Flynn says that the oil industry is worried about the possibility of a Kamala Harris presidency because it could create confusion in the markets. He says no one really knows what sort of policies she'll pursue when it comes to regulating the oil industry, and that will cause higher prices.