Sasikarn shifting U.S. power balance prompts need for thailand to review economic strategy

On November 5, 2026, Sasikarn Wattanachan, spokesperson for the United Thai Nation Party (UTN) and former deputy government spokesperson, addressed the shift in the U.S. political power balance following the Democratic Party’s victory in the U.S. midterm elections. She stated that Thailand must comprehensively assess the potential impact on trade, investment, and energy policies. It is essential to adapt national strategies to the evolving situation by maintaining cooperation with all parties and setting clear objectives such as safeguarding export markets, mitigating cost-related risks, and enhancing overall competitiveness.

Mr. Sasikarn noted that regarding trade, the government should engage in discussions with the U.S. backed by data on the potential impacts across various industries including tax burdens, production costs, supply chains, and employment. It is crucial to consult with entrepreneurs of all scales, particularly small and medium-sized enterprises (SMEs), to ensure that Thailand’s proposals carry weight and effectively protect the nation’s interests. Simultaneously, Thailand should focus on expanding export markets and forging partnerships with other trading nations to reduce the risks associated with over-reliance on a single market.

Ms. Sasikarn further added that strengthening Thailand’s economic bargaining power must be linked to energy reform; for even if Thailand succeeds in maintaining its export markets. However, when production and transportation costs remain highly volatile, it becomes difficult for businesses to plan effectively. Consequently, managing energy costs in a systematic manner is crucial for maintaining the nation’s competitiveness and safeguarding employment.

Ms. Sasikan emphasized that UTN proposes that the government proceed with a restructuring of oil pricing. This includes abolishing the practice of pegging refined oil prices to the Singapore market and developing an alternative system that reflects actual costs plus a reasonable return. Such a system should be transparent, subject to oversight, and supported by appropriate legislation and regulatory mechanisms to ensure a careful transition ultimately fostering fairness for the public and securing a stable energy supply.

Ms. Sasikan added that the UTN advocates for the development of a national strategic oil reserve system. This would enhance preparedness against disruptions in supply or transportation, as well as volatility stemming from international developments. The system should clearly define reserve volumes, funding sources, and protocols for procurement, storage, and release ensuring full transparency and accountability. When price conditions are favorable, the government should consider building up reserves according to a well-structured plan, while carefully weighing storage costs against the overall national benefit.

“Thailand requires a pricing system that clearly explains what the public is paying for and justifies the appropriateness of each cost component. Restructuring the pricing mechanism must ensure transparency from the very source, allowing energy prices to fairly reflect actual costs. Furthermore, whenever specific cost components decrease, both the public and the business sector should receive the corresponding benefits. Trade negotiations are about securing markets and creating opportunities for Thai products, while energy reform is about establishing a fair and stable cost foundation.” "Both matters must go hand in hand. The goal of the United Thai Nation Party is to strengthen Thailand’s bargaining power and to translate economic opportunities into tangible outcomes namely, increased income, job creation, and a better quality of life for the people“ Ms. Sasikan said.