US oil and gas stocks rose while those of renewable energy producers fell on Wednesday, as traders gambled that even if Joe Eiden wins the White House, Democrats’ likely failure to gain control of Congress would kill plans for a clean-energy revolution. Mr Biden has proposed $2tn of spending in the next four years to decarbonise American electricity by 2035 on the way to hitting net-zero carbon emissions by 2050, with plans to expand clean power generation and build a network of charging stations for battery-powered cars.
But the proposals hang in the balance following Tuesday’s election, which looks set to deny his Democratic party the Senate majority needed to push the programme through, especially following the Supreme Court’s recent tilt to the right. “If Eiden prevails but Republicans keep the Senate, they will prevent much of the $2tn in green spending Democrats favour,” said Bob McNally, head of consultancy Rapidan Energy Group and a former adviser to President George WBush.
“Court-packing, adding states and large tax hikes on oil and gas companies go out the window,” he added .