The CEO of Exxon Mobile said that oil industry has no plans to increase drilling due to donald trump.

While former President Trump has pushed for increases in oil and gas production hoping to get off gas prices For Americans, CEO Darren Woods said producers would not be swayed by political factors.

“We certainly wouldn’t see a change based on a political change,” Woods told CNBC on Friday.

These comments come after Trump summed up his energy policy during his campaign as “Drill, baby, drill.”

Despite these wishes of the Republican Front-runner Woods said a Trump victory would not change oil production levels.

“I’m not sure how drilling, honey, drilling translates into policy,” Woods said, adding that U.S. shale production faces no constraints stemming from “external constraints.”

Over the past six years, the United States has been producing more crude oil than any other country, according to the Energy Information Administration, and much of this production increased during the presidency. joe bidenIt’s time in office.

“We certainly wouldn’t see a change based on a political change but rather an economic environment,” Woods said. “I don’t think there’s anyone out there who is developing a business strategy to respond to a political agenda.”

Basically, Woods said producers would continue to do what’s best for business regardless of any political agenda.

“Whether an oil company can drill more or less doesn’t just depend on who’s in the White House,” said Alex Beene, a financial education instructor at the University of Tennessee at Martin. News week.

“It involves a number of other factors that have to align before a decision is made. Trump’s first term was seen as very beneficial for the energy sector in general, and it is fair to believe that the same will probably be true for a second” . However, at the end of the day, the main driver will always be demand, not which political party is or is not in control.”

Most U.S. shale resources, a different type of oil, exist on private lands and are regulated by individual states, so a presidential change is unlikely to affect production.

While Trump has made his position clear in favor of drilling, Vice President Kamala Harris He was against fracking, but changed his opinion during his presidential campaign.

“The United States, under Biden, has been one of the world’s leading oil producers during his administration,” said Kevin Thompson, a financial expert and founder and CEO of 9i Capital Group. News week.

“The benefits of increased drilling are good for the consumer, but bad for the industry. Companies would lose money by increasing supply in markets that are already oversupplied. For the consumer, prices would drop.”