The differences between the energy policies of US President Obama and his equally worthy rival Mitt Romney are largely ones of rhetoric and emphasis rather than substance. Oil prices might fall a little more quickly under a Romney administration, but broader foreign and economic policy choices could be just as important as the specifics on energy and all should be trumped by the fragility of global demand. Over the longer term, the direction of prices, including coal and natural gas, will be determined by fundamental forces which are likely to be much the same whoever occupies the White House.
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