Quarterly Publication

Document Type : Original Article

Authors

1 Assistant Professor, Energy Economics and Management Department, Petroleum Faculty of Tehran , Petroleum University of Technology, Tehran, Iran

2 Assistant Professor, Shahed University, Tehran, Iran

Abstract

The United States is the world's first producer and consumer of oil and play a special role in international oil market relations. In a sense, due to the differences in the energy programs of the parties of this country, we will see significant changes in the international energy markets. The Trump's economic thinking in business field is based on the neo-mercantilist while the Democrats believe in global and multilateral trade. The most important energy policies of the Republican Party are the development and expansion of fossil fuel production, increasing the share of the oil market, lifting environmental restrictions, confronting OPEC, and unilateralism in the oil and gas trade. In contrast, the Democrats' most important plans in the US election are to return to the Paris Agreement and re-impose environmental restrictions, reduce oil production through legal sanctions such as taxes, expand renewable energy and use financial resources to manage the oil market and trade convergence. The main question of this article is what effect do US parties energy programs have on the oil market? The method of this research is a qualitative in a descriptive-analytical manner using desk research.

Keywords

Main Subjects

Bacchus, J (2020). Democrats and Trade 2021: A Pro-Trade Policy for the Democratic Party. Policy Analysis no. 900, Cato Institute, Washington, DC. https://doi.org/10.36009/PA.900.

Balaam, D., N., and Veseth, M., (2013). Introduction to International Political Economy (2nd Edition), )A.Saei and A.Seifi, Trans). Tehran: Qoms

Carollo, S (2011), Understanding Oil Prices: A Guide to What Drives the Price of Oil in Today’s Markets, 2nd ed, Wiley publisher.

 Goldwyn,  D.L  and Clabough, A (2020), “Election 2020: What’s at Stake for Energy?” GLOBAL ENERGY CENTER. Available at :

https://www.atlanticcouncil.org/in-depth-research-reports/issue-brief/election-2020-whats-at-stake-for-energy/

 Guliyev, F (2020), Trump’s “America first” energy policy, contingency and the reconfiguration of the global energy order, Energy Policy, 140, p.p 10-20

 Hamilton , M,(2019) U.S. crude oil exports continued to grow in the first half of 2019  , US Energy Information Administration . Avalable at : https://www.eia.gov/todayinenergy/detail.php?id=41553#

Krauss, C (April 12, 2020), Oil Nations, Prodded by Trump, Reach Deal to Slash Production,The New York Times. Available at:

https://www.nytimes.com/2020/04/12/business/energy-environment/opec-russia-saudi-arabia-oil-coronavirus.html

 Lighthizer, R. E. , Trade Policy Agenda 2020 and 2019 Annual Report Of The President Of The United States On The Trade Agreements Program, The United States Trade Representative, Available at :

https://ustr.gov/sites/default/files/2020_Trade_Policy_Agenda_and_2019_Annual_Report.pdf

Namazi, Hossein (2016) Economic Systems, (Fourth Edition), Tehran: Anteshar Co.

 Rafi, Hossein, and Mohsen Bakhtiari Jami (2016) Neo-mercantilist approach of Russia and China to Central Asian energy. Central Asia and the Caucasus Studies, Vol. 95. Autumn 1.33-66

Rodrik, Dani (2010), Mercantilism Reconsidered, Project Syndicate.  http://www.project-syndicate.org/Commentary/Mercantilism/ Reconsidered

 Scheid, B  (2020).Tariffs, free markets, and OPEC criticism: Trump's mixed views on oil price plan, S & P Global Platts.

https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/040520-tariffs-free-markets-and-opec-criticism-trumps-mixed-views-on-oil-price-plan

Shamsuddin, S.M (2008) The Impact of US Interest Rates on World Oil Prices and Oil Revenues of OPEC Countries, PhD Thesis, Allameh Tabatabai University.

 Subcommittee on Environment (2020), “On Earth Day, Oversight Democrats Seek Answers on EPA’s Decision to Stop Enforcing Environmental Laws Amid Public Health Crisis”, Available at:

https://oversight.house.gov/news/press-releases/on-earth-day-oversight-democrats-seek-answers-on-epa-s-decision-to-stop

U.S. Energy Information Administration (EIA). https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php

 Yilmaz Genc, S (2011): The Historical Evolution of the Capital Accumulation in the Capitalist System, International Journal of Business and Social Science, Vol. 2 No. 9, pp. 268-274