WASHINGTON â?? President Donald Trumpâ??s inaugural speech, following his oath of office Friday, focused on policies that would be positive for the oil and energy industries by fueling economic growth, creating jobs and championing American interests.
The effect likely would be to boost demand for crude oil, which rose in price more than 2% on Inauguration Day, with part of the gain occurring after his early afternoon remarks. Investors may start to warm up to energy companies as potential investments.
Oil prices could be affected again after Sundayâ??s meeting in Vienna, Austria, between members of the Organization of Petroleum Exporting Countries and some other oil-producing countries, such as Russia, to seek a deal on how to verify compliance to cut oil output by 1.8 million barrels per day, according to Reuters. President Trumpâ??s talk about aiding U.S. manufacturing and infrastructure spending hints at heightened demand for energy.
â??We will build new roads, and highways, and bridges, and airports, and tunnels, and railways all across our wonderful nation,â?ť President Trump said. â??We will get our people off of welfare and back to work — rebuilding our country with American hands and American labor. We will follow two simple rules: Buy American and hire American.â?ť
The wealth of Americaâ??s middle class has been â??ripped from their homesâ?ť and â??redistributedâ?ť throughout the world, President Trump said.
â??One by one, the factories shuttered and left our shores, with not even a thought about the millions upon millions of American workers left behind,â?ť President Trump said.
America will â??start winning againâ?ť like never before, President Trump said after taking his oath of office.
Paul Dykewicz is the editorial director of Eagle Financial Publications, editor of StockInvestor.com and DividendInvestor, a columnist for Townhall and Townhall Finance, a commentator and the author of an inspirational book, â??Holy Smokes! Golden Guidance from Notre Dameâ??s Championship Chaplain,â?ť with a Foreword by legendary football coach Lou Holtz. Visit Paulâ??s website at www.holysmokesbook.com and follow him on Twitter @PaulDykewicz.