The US government needs to adjust its energy policies to ensure the country realizes all the benefits of the new era of energy abundance, said Rex W. Tillerson, ExxonMobil Corp. chairman and chief executive officer, during a Mar. 12 address to The Economic Club of Washington.
Tillerson specifically called for Congress and the White House to enable US exports of oil and natural gas, approve the Keystone XL crude oil pipeline, and make the regulatory process less burdensome and more transparent.
“No one can say for sure how the industry will evolve next or where it will go, but one of the enduring lessons of our industry is that sound policy rewards wide and disciplined investments, spurs economic growth and improved environmental performance, and leads to greater peace and prosperity.”
Tillerson boasted recent growth in the US energy sector, and its impact on the American economy, mentioning breakthroughs in the integration of hydraulic fracturing and horizontal drilling as a major driver of the industry’s expansion.
He noted that while the energy sector accounts for just less than 7% of the American economy, it has accounted for about 30% of the nation’s economic growth since the 2008 financial crisis.
“The energy industry has been an economic engine for the entire nation at a time of recession, slow growth, and falling labor participation rates,” he said, also highlighting the environmental strides that have been made in recent years.
“Because natural gas emits up to 60% less carbon dioxide than other major sources when used for power generation, our abundant and reliable supplies have been instrumental in reducing our nation’s carbon dioxide emissions to levels not seen since the early 1990s,” Tillerson said.