Market Close: Nov 06 Down

Fueling Strategy: Please fuel as needed today/tonight, Saturday prices will go down 1/2 cent then Sunday prices will drop 3 cents – Be Safe

While most of the world’s media is focused on the painfully slow progression of the U.S. presidential election, it’s COVID that’s impacting oil prices.

At the time of this writing, Joe Biden held small leads in Pennsylvania, Georgia, Arizona and Nevada, but most are too close to definitely call the election. Still, assuming Biden wins, he will take office with a divided government. He will have little wiggle room in Congress without Republican support, and he will also have his hands full with multiple crises – the pandemic, unemployment, climate change, and deep political division.

Executive actions? Barring a sweep of two January Senate races in Georgia, presumed President-elect Joe Biden will struggle to push through major green stimulus as he had proposed unless he can somehow bring Sen. Mitch McConnell on board with concessions elsewhere. That leaves executive authority, something President Trump used heavily during his four years. A few possibilities jump out: rejoining the Paris Climate agreement, nixing Keystone XL and possibly the Dakota Access pipeline, slowing down drilling in Alaska and reinstating methane regulations on drilling. Plenty of other actions are possible, but may not be immediate, such as stricter fuel economy standards, reduced permitting for drillers on federal lands, greater environmental enforcement, etc. But big-spending items will require an act of Congress.