Woods stated that the industry's decisions would not be influenced by a change in political leadership.
"Certainly we wouldn't see a change based on a political change," Woods said in an interview with CNBC. This statement comes in response to Trump's energy policy, which he famously summarized as "Drill, baby, drill" during his campaign. As reported by Newsweek, Woods expressed skepticism about how this slogan would translate into actual policy, stating, "I'm not sure how drill, baby, drill translates into policy."
Woods further explained that the U.S. shale production is not hindered by "external restrictions." Over the past six years, the U.S. has outpaced other countries in crude oil production, a trend that has continued during President Joe Biden's tenure, according to the Energy Information Administration.
The Exxon Mobile CEO emphasized that any changes in the industry would be driven by economic factors rather than political ones. "Certainly we wouldn't see a change based on a political change but more on an economic environment," Woods said. "I don't think there's anybody out there that's developing a business strategy to respond to a political agenda."
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Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, supported Woods' perspective. He pointed out that the decision to increase or decrease drilling is not solely dependent on who occupies the White House. "The first Trump term was seen as very beneficial to the energy sector in general, and it's fair to believe the same will more than likely be true for a second term. However, at the end of the day, the main driver will always be demand, not which political party is or isn't in control."
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The majority of America's shale resources, a distinct type of oil, are located on private land and regulated by individual states. Therefore, a change in presidential leadership would likely have minimal impact on production levels.
While Trump's pro-drilling stance is well-known, Vice President Kamala Harris initially opposed fracking but later shifted her position during her presidential campaign.
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Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, noted that under Biden's administration, the U.S. has remained one of the world's leading oil producers. He highlighted the pros and cons of increasing drilling, stating, "The pros to ramping up drilling are good for the consumer but bad for the industry. Businesses would lose money by increasing supply in already over-supplied markets. For the consumer, prices would come down."
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In essence, the oil industry's decisions will be guided by market dynamics and economic considerations, rather than political agendas, reflecting the industry's commitment to its business objectives and the broader economic environment.
