Back in power

As George W. Bush settles back into the White House for his second term, experts analyse the influence his energy and foreign policies may have on the energy industry both domestically and abroad. By Stella Farrington

The run-up to and immediate aftermath of the November 2 US presidential election,with its uncertain outcome, were marked by huge price swings in markets aroundthe world, and none more so than in the oil futures market, where daily priceswings of up to $2 a barrel, or 4%, occurred.

But, as it sunk in that Bush wasnow in control of the House and the Senate, much nervous uncertainty was removedfrom the market, and prices started to ease.

“I think the recent fall in oil prices is evidence already