Donald Trump's pledge to cut gas prices by boosting domestic oil production appears unlikely to be realized, given that major energy companies continue to prioritize cost management and shareholder returns rather than significantly increasing production in the near term.
Darren Woods, CEO of ExxonMobil, expressed skepticism towards Trump's 'drill, baby, drill' statement, questioning its practicality in terms of translating rhetoric into actionable energy policy that effectively addresses current market dynamics.
Despite being the largest global producer of oil and natural gas, US firms continue to limit production to their most efficient wells, illustrating a cautious approach to new investments while focusing on profitability.
Analysts suggest that the recent industry consolidation and improved efficiencies can lead to higher profits for oil companies, even amidst stagnating crude-oil prices and inflation cooling in the oil sector.
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