Energy investors are celebrating the prospect of less regulation with Republicans on the cusp of winning control of government. But the outlook's less simple.
Fossil fuel stocks have rallied even as oil prices have slumped over the past week, with investors moving to price in the likely effect of Donald Trump 's election victory on the energy industry. The impact of the president-elect's platform could be contradictory. While oil stocks tend to follow the direction of crude prices, the energy sector has gained 3.6% since election day, slightly outpacing the S & P 500. At the same time, West Texas Intermediate and Brent are down 5.3% and 4.
Baker Hughes , Halliburton and SLB have each gained between 6% and 14% since last week's vote. Lower taxes, less environmental regulation The oil and gas sector will also benefit from looser environmental regulations. Trump has chosen former New York GOP congressman Lee Zeldin to lead the Environmental Protection Agency. Zeldin told Fox News on Monday that the EPA under Trump will roll back "left-wing" regulations.
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