Oddbean

How the economics of oil could sway the US presidential election ========== Oil continues to influence global economics and politics in the 2024 US presidential election. Donald Trump has promised to "drill, drill, drill" and has received $7.3 million in donations from industry giants. Joe Biden has attempted to reduce dependence on fossil fuels while overseeing an increase in domestic oil production and promising to keep petrol prices low. Gasoline prices are a significant factor influencing voters, with studies showing that they have an "outsized effect" on inflation expectations and consumer sentiment. The US has not reduced its dependence on fossil fuels for transport, with only 8% of vehicles sold being electric models. The US president has limited ability to influence gasoline prices as around 50% of the pump price is the cost of crude oil, which is set by international markets. The US continues to trade its oil around the world despite producing enough oil domestically to cover its consumption. The structure of the US oil industry is dominated by a large number of small independent producers. Rising gasoline prices and the international economics of oil markets may drive voters' decisions in the election. #Oil #Economics #UsPresidentialElection #DonaldTrump #JoeBiden #GasolinePrices #FossilFuels #ElectricVehicles https://theconversation.com/how-the-economics-of-oil-could-sway-the-us-presidential-election-232956