Oil (CL=F, BZ=F) prices are decreasing, with Exxon Mobil (XOM) and Shell (SHEL) shares ticking down as they respectively cite narrowing refining margins and slowing natural gas (NG=F) sales. On Market Domination, Tortoise senior portfolio manager and managing director Rob Thummel discusses the valuation of top energy companies while addressing the mantra behind Republican leaders and President-elect Donald Trump’s stance on US oil, better known as "Drill, baby, drill." "We have a significant amount of reserves across the US. And so what? Drill, baby drill means to me is that when we need it, we’ll be able to drill more and produce more," Thummel explains. "But the goal will be to keep inflation moderated, and keep oil and natural gas prices at moderate levels so that they just don’t get out of control." Thummel also highlights that geopolitical tensions between the US and Iran under a Trump 2.0 administration could put a further strain on oil pricing: “If you sanction Iran then and actually apply the sanctions, you’re going to have a basically less oil supply because the result will be lower exports of crude oil from Iran — which basically takes supply off of the market."
#oil #news #stocks
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