BUSINESS: Bush Victory Could Boost Big Oil, Analysts Say, page 1

Big oil companies are cautiously optimistic about a GW Bush re-election, and top analysts predict a big win for large oil companies should Bush win another four years in the white house. Among some proposals hoped for among top industry leaders: ANWAR drilling, additional funds for drilling and search for new sources, as well as eased environmental restrictions.

www.reuters.com
By Deepa Babington

NEW YORK (Reuters) - Before he was president, or governor of Texas or a baseball team owner, he was an oilman. That's just one of the reasons analysts say the U.S. oil industry would be glad to see George W. Bush reelected.

Though the outcome of the U.S. presidential election is unlikely to have a radical or immediate impact on the energy sector, a victory by President Bush would be a boost for companies in the oil sector, analysts say.

While Bush and Democratic challenger Senator John Kerry overlap on some energy issues, their differences largely boil down to a major point: Bush's policies are focused on tackling the supply side of the oil equation, in part by boosting efforts to find new sources of crude, while Kerry's initiatives target demand by promoting energy conservation and reducing dependency on foreign oil supplies.

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Even though I am a staunch Bush supporter, it does come to mind that big oil is counting on a Bush victory, and to a lesser degree, a larger Republican majority in the House and Senate, in order to increase sources for oil and natural gas and thereby lower crude pricing overall and drive larger profits.
In sharp contrast, Senator Kerry has proposed funneling more federal funds into conservation and alternative energy sources. This is the single issue I would almost agree with Kerry on. OUr dependance on oil, particularly foreign oil, is an albatross around America's neck. I do hold certain reservations, however, about Kerry's environmental policy as it relates to impact on American jobs during a transition to alternate sources.

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[edit on 11-2-2004 by Zion Mainframe]