Presidential Candidate Tim Scott Says Best To Unleash US Energy Production To Bring Down 'Sky High' Prices At Pumps
Portfolio Pulse from Bhavik Nair
GOP presidential candidate Tim Scott and eight Senate colleagues introduced the Pay Less at the Pump Act, aiming to lower energy prices by repealing the $10.5 billion Superfund Tax on crude oil and imported petroleum products. Oil prices fell on Wednesday due to an unexpected rise in U.S. crude stocks, while the United States Brent Oil Fund (BNO) and Vanguard Energy Index Fund ETF (VDE) experienced gains.
June 14, 2023 | 4:30 am
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NEUTRAL IMPACT
The Pay Less at the Pump Act, introduced by Tim Scott, aims to lower energy prices, which may impact the United States Brent Oil Fund (BNO).
The Pay Less at the Pump Act aims to lower energy prices by repealing the Superfund Tax on crude oil and imported petroleum products. This may have an indirect impact on BNO, as it could affect oil prices and market sentiment. However, the actual impact will depend on the implementation and effectiveness of the proposed legislation.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The Pay Less at the Pump Act, introduced by Tim Scott, aims to lower energy prices, which may impact the Vanguard Energy Index Fund ETF (VDE).
The Pay Less at the Pump Act aims to lower energy prices by repealing the Superfund Tax on crude oil and imported petroleum products. This may have an indirect impact on VDE, as it could affect oil prices and market sentiment. However, the actual impact will depend on the implementation and effectiveness of the proposed legislation.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50