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Election brings certainty to US oil sector

The US’ top oil-producing states - Texas, Louisiana, Oklahoma, Alaska and North Dakota – remained firmly Republican in 6 November’s presidential election, yet they stand to benefit from Barack Obama’s second term

During Obama’s first term, domestic oil and gas production hit its highest levels in two decades. According to think tank Chatham House, this is unlikely to change. This growth in domestic output has reduced oil imports from 57% of total consumption in 2008 to an expected 43% this year. If this trend continues, imports will make up just 36% of US total oil consumption by 2035. But the direction Obama’s energy policy takes will likely be hampered by the US budget deficit and looming battles to cut the country’s $16 trillion debt. Josh Freed and Ryan Fitzpatrick, from US think tank Third Way, noted in the report they wrote for Chatham House that “congressional deadlock” will be a feature of t

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