Texas Oil and Gas Association (TXOGA) members. The electing Democrat Joe Biden to the presidency this November would threaten their companies’ economic well-being.
A newly released survey of TXOGA members finds that 76 percent of the oil and gas executives. Revealed they need a “great deal” or “good deal” of concern. About their companies’ future economic process prospects as well as it should be as well as the former vice-chairman Biden win? The White House, consistent with the University of Houston (UH). Moreover, UH noted that 75 percent of these surveyed expressed an equivalent level of concern a few continued glut of oil and gas and 73 percent about ongoing weak demand.
In contrast, UH stated that just 11 percent of these surveyed would see President Donald Trump’s re-election as a threat to their business.
Members foresee an oil price
UH’s Hobby School of Public Affairs conducted the survey of TXOGA members last month. During a period when oil prices ranged from $26 to $37 per barrel. Association members surveyed see a possible Biden victory as tantamount. To an ongoing oversupply situation and weakened demand for oil and gas, UH noted during a written statement emailed to Rigzone.
“Efforts to slow the spread of the (COVID-19) virus caused a dramatic drop by demand for oil and gas, and demand remains lower. Whilst Texas and therefore the remainder of the U.S. begin to reopen,” remarked former Texas state, Sen. Kirk Watson. The Hobby School’s founding as well as dean and a Democrat who represented an Austin-area district from 2007 to 2020. “But energy executives are concerned about issues beyond supply and demand.”
UH also stated that TXOGA members foresee an oil price rebound. A median price between $40 and $49 per barrel for West Texas Intermediate (WTI). By May 2021 and a median as well as the Brent price between $50 and $59 by then.