How will Trump's ideas affect the oil market?

the White House

US President Donald Trump believes that the country's abundant energy reserves will play the key role in restoring the US' wealth, he said in his first interview since taking office, Fox News reports.

"We have more oil and gas than any other country. It's a great asset because China does not have that. They have to go out the old-fashioned way and buy it. We’re going to become a wealthy country again — and energy is going to lead the way.",

Trump said.

The US leader also highlighted Alaska's potential, claiming that the Arctic National Wildlife Refuge in the state has more energy reserves than all of Saudi Arabia.

The day before, he also announced his plans to increase production during his address by video conference at the World Economic Forum in Davos. Trump says the US must double its oil and gas production to meet its needs.

© Photo :the White House
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