Trump said he'll unleash an oil boom. Exxon Mobil CEO says not so fast. [Business Insider]
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Source: Business Insider
One energy analyst said the US president has little control over the oil and gas market. President-elect Donald Trump's promise to unleash a big oil boom in the US and lower gas prices is running up against a market reality: The world is already awash in fossil fuels. ExxonMobil CEO Darren Woods told Semafor on November 12 that while he wants to maintain US oil production at its current highs, the market is already well supplied. "I don't think today that production in the US is constrained," he said. "I don't know that there's an opportunity to unleash a lot of production in the near term." During the presidential campaign, Trump said that he planned to lower energy prices — including the cost of gas — by increasing US oil production. "We will frack, frack, frack and drill, baby, drill," Trump said in October. "I will cut your energy prices in half within 12 months." In September, Trump said he would reduce gas prices to below $2 a gallon. Energy analysts told Business I
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