The result of the U.S. presidential election on Nov. 5 will not have an effect on oil manufacturing ranges within the quick to medium time period, Exxon CEO Darren Woods advised CNBC on Friday.

Former President Donald Trump has referred to as for unconstrained oil and fuel manufacturing to decrease vitality costs and battle inflation, boiling his vitality coverage down to 3 phrases on the marketing campaign path: “Drill, baby, drill.”

“I am undecided how drill, child, drill interprets into coverage,” Woods advised CNBC’s “Squawk Box” on Friday after the most important U.S. oil and fuel firm reported third-quarter results.

Woods stated U.S. shale manufacturing doesn’t face constraints from “exterior restrictions.” The U.S. has produced document quantities of oil and fuel in the course of the Biden administration.

Over the previous six years, the U.S. has produced extra crude oil than some other nation in historical past, together with Saudi Arabia and Russia, in response to the Energy Information Administration.

Output within the U.S. is pushed by the oil and fuel trade deploying expertise and funding to generate shareholder returns based mostly on the break-even value of manufacturing, the CEO stated.

“Actually we would not see a change based mostly on a political change however extra on an financial setting,” Woods stated. “I do not assume there’s anyone on the market that is growing a enterprise technique to answer a political agenda,” he stated.

Whereas shale manufacturing has not confronted constraints on growing new acreage, there are sources in areas just like the Gulf of Mexico that haven’t opened up as a result of federal allowing, the CEO stated.

“That might, for the long term, open up potential sources of provide,” Wooden stated. Within the quick to medium time period, nevertheless, unconventional shale sources can be found and it is only a matter of growing them based mostly on market dynamics, he stated.

The overwhelming majority of shale sources within the U.S. are on non-public land and controlled on the state degree, in response to an August be aware from Morgan Stanley. About 25% of oil and 10% of pure fuel is produced on federal land and waters topic to allowing, in response to Morgan Stanley.

Vice President Kamala Harris opposed fracking throughout her bid for the 2020 Democratic presidential nomination. She has since reversed that place in an effort to shore up assist within the essential swing state of Pennsylvania, the place the pure fuel trade is necessary for the state’s economic system.