An Exxon Mobil executive said on Tuesday that oil companies are unlikely to significantly increase production in line with President-elect Trump's “drill, baby, drill” energy agenda laid out at a conference in London. [emphasis, links added]
Trump repeatedly promised on the campaign trail to unleash U.S. oil production to lower energy costs and assert American will in global markets.He has assembled a group of energy-focused officials in his Cabinet to help lead the effort through January 2025.
However, Liam Mallon, head of ExxonMobil’s upstream division, told Energy Intelligence Forum attendees: Production surge may not make financial sense for energy companiesReuters reports.
“We're not going to see anybody in 'train, baby, train' mode,” Mullen said.
“It is unlikely that fundamental changes will occur[in production]because most, if not all, Focus on the economics of what they are doing,Mullen continued. “Maintaining discipline, improving quality, and pushing the message will naturally limit the rate of growth.”
especially, Exxon Mobil also urges Trump not to withdraw from the United Nations Paris Climate Agreement for a second time when he returns to the White House in January 2025.
U.S. oil production hit a record high despite the Biden administration's regulatory changes to the industry.
However, Trump hopes to further increase production by freeing up fossil fuel infrastructure and resource development across the country.
Scott Bessent, the wealthy hedge fund manager appointed by Trump as Treasury secretary, is pushing Increase U.S. energy production by 3 million barrels of oil per day, or its equivalent, as part of his broader vision for how to achieve strong economic growth in the coming years.
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