Colombia’s Presidential Election Creates Uncertainties for US Oil Sector

Colombia’s election of leftist Gustavo Petro as its next president creates numerous uncertainties for U.S oil and gas investors and Washington.

Pietro Donatello Pitts, Hart Energy
Colombia’s Presidential Election Creates Uncertainties for US Oil Sector

Colombia’s leftward shift could create headwinds for North American oil and gas investors as Petro favors an economic transition from fossil fuels to renewable energies. (Source: Yhaira Rincon / Shutterstock.com)

Colombia’s election of leftist Gustavo Petro as its next president could mark a before-and-after distinction for the country’s mining and energy sectors.

Energy investors and Washington are more than concerned; they’re worried amid numerous uncertainties. Possible risks not only include energy but also foreign relations with the U.S. and other Latin America and Caribbean countries, especially with the recent resurgence of leftist leaders in the region.

Petro, head of the Pacto Histórico progressive coalition, won the June 19 run-off election with 50.4% of the votes compared to 47.3% for Rodolfo Hernández of the Liga de Gobernantes Anticorrupción coalition, according to Colombia’s National Electoral Commission and a preliminary count of 99.82% of the ballots.

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