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Huileng Tan / CNBC
U.S. President Donald Trump has promised to boost the U.S. fossil fuel industry and create more jobs by opening more areas to drillers, but there will be little real impact on the market in the short term, an energy consultant said on Wednesday.
“Opening up the environmentally sensitive areas that Obama had closed could make a difference that could increase conventional fuel production by 1 million barrels per day (bpd) or more, but that would take five to seven years, so in the short-term, there's no impact,” said FGE founder and chairman, Fereidun Fesharaki.
