API President and chief executive Jack Gerard said in a statement Wednesday that the petroleum industry is looking forward to working with President-elect Barack Obama and Congress on "meaningful energy policy that contributes to economic stability." Emphasizing the vastness of domestic energy sources, including oil and gas, Gerard said the election was a mandate from the people to set aside partisan bickering.
Royal Dutch Shell reportedly may move a team of 200 workers to Basra, Iraq, which would be the first large-scale Western staff in the country, according to The Times of London. Shell has a preliminary $4 billion deal to process natural gas in Iraq.
Some analysts have warned investors to be cautious of oil stocks now that Democratic Sen. Barack Obama has been elected president. Obama's policies may benefit natural gas producers, according to some insiders, but his plans for regulations on carbon dioxide emissions and for windfall taxes may hurt coal and oil firms.