A leading brokerage has warned that the energy-related policies of US President-elect Barack Obama could reduce tanker demand in the long term. “If I am President, I will immediately direct the full resources of the Federal Government and the full energy of the private sector to a single, overarching goal – in 10 years, we will eliminate the need for oil from the entire Middle East and Venezuela,” Obama reportedly said in August. According to E. A. Gibson Shipbrokers Ltd., Obama's “number one strategy is to invest into the development of multiple renewable energy sources aiming at significantly substituting consumption of foreign and domestic oil with other forms of energy.”
Another major element of Obama's plan, according to Gibson, is to encourage fuel efficiency and research into new car engines and plug-in hybrids.
The President-elect is also slated to push for a windfall tax on oil company profits and limited expansion of offshore drilling.
“His comprehensive energy plan, among other ideas, covers initiatives in nuclear power generation, the electricity sector, clean coal technology and climate change,” said Gibson.
According to the London-headquartered brokerage, “these ambitious energy proposals represent a major threat to tanker demand in the long term.”
Gibson did qualify that “calls for US energy dependence have been echoed over the years, but in reality the country's addiction to foreign oil has remained strong.”
Looking ahead however, Gibson believes “during the new presidential term, there is greater chance that the US will intensify its efforts in an attempt to become less reliant on foreign oil and look inwardly to satisfy its energy needs.”
Another major element of Obama's plan, according to Gibson, is to encourage fuel efficiency and research into new car engines and plug-in hybrids.
The President-elect is also slated to push for a windfall tax on oil company profits and limited expansion of offshore drilling.
“His comprehensive energy plan, among other ideas, covers initiatives in nuclear power generation, the electricity sector, clean coal technology and climate change,” said Gibson.
According to the London-headquartered brokerage, “these ambitious energy proposals represent a major threat to tanker demand in the long term.”
Gibson did qualify that “calls for US energy dependence have been echoed over the years, but in reality the country's addiction to foreign oil has remained strong.”
Looking ahead however, Gibson believes “during the new presidential term, there is greater chance that the US will intensify its efforts in an attempt to become less reliant on foreign oil and look inwardly to satisfy its energy needs.”