Morgan Stanley Fixed-US Public Policy Oil Gas How Could the US Election Impac...-109806572(1)

MIdeaUSPublicPolicy|NorthAmericaOil&Gas:HowCouldtheUSElectionImpactEnergyPolicy?MorganStanley&Co.LLCArianaSalvatoreStrategistAriana.Salvatore@morganstanley.comMorganStanley&Co.Internationalplc+MartijnRats,CFAEquityAnalystandCommoditiesStrategistMartijn.Rats@morganstanley.com+44207425-6618MorganStanley&Co.LLCDevinMcDermottEquityAnalystandCommoditiesStrategistDevin.McDermott@morganstanley.com+1212761-1125JoeLaetsch,CFAEquityAnalystJoe.Laetsch@morganstanley.com+1212761-8804DavidArcaro,CFAEquityAnalystDavid.Arcaro@morganstanley.com+1212761-1817DiegoAnzoateguiEconomistDiego.Anzoategui@morganstanley.com+1212761-8573HelenLinResearchAssociateHelen.Lin@morganstanley.com+1212761-0766Weevaluateexecutiveauthorityonenergypolicyandassociatedimpactsonoil&gasmarkets,aswellastheenergy&cleanpowersector.Wefindthatexecutiveactionwithrespecttosupplyislimited,butotherpolicyfactorscoulddrivenuancedimpactsintheenergy&cleanpowersectors.Keydebate:cantheelectionleadtoanear-termboosttoenergyproduction,withknock-oneffectstoinflation&stockpricesforenergycompanies?•FormerPresidentTrumphascitedthelinkagebetweenpermissiveenergypolicy(i.e.promotingmoredomesticproduction)andlowerlevelsofinflation,arguingthathigherlevelsofsupplyshoulddrivedowncostsforconsumers.•Wefindthattherearelimitationstothepresident'sauthorityonenergypolicy-withsomeexcep...