TotalEnergies: The 2024 U.S. Elections Could Cause Shock in the Energy Sector

Patrick Pouyanné, the CEO of the French oil giant TotalEnergies, indicated on Saturday that the 2024 U.S. presidential elections could create a significant shock in the energy sector if the Republicans win and decide to halt hydrocarbon exports. During the Economic Meetings in Aix-en-Provence, Pouyanné expressed his concerns about the possibility of Republicans gaining access to the White House in 2024 and stopping liquefied natural gas exports. Pouyanné stated, "The only thing that could happen, which is a significant systemic risk, is that the Republicans decide to stop exporting... In fact, I’m not sure it would be about gas; it could be related to oil one day." He added, "Americans make local gas or oil prices the cornerstone of all their policies; they have resources, and if they feel that exports will raise prices for them, they will stop working with us. Now, I can tell you that if we lose American gas and oil, along with Russian oil and gas, it will not just be a shock, but a major shock."