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ExxonMobil Chairman calls for changes to US energy policy

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LNG Industry,

ExxonMobil Corp.’s Chairman and Chief Executive, Rex W. Tillerson, has stated that the US government needs to adjust its energy policies to ensure that the US can realise the benefits of its abundant energy resources.

In an address to The Economic Club of Washington, Tillerson said: “We need sound energy policies – policies equal to the innovation that has redefined the modern energy landscape […] It is time to build policies that reflect our newfound abundance – that view the future with optimism, that recognise the power of free markets to drive innovation, and that proceed with the conviction that free trade brings prosperity and progress.”

Tillerson said that Congress and the White House need to enable US exports of oil and natural gas, approve the Keystone XL pipeline, and make the regulatory process less burdensome and more transparent.

He continued: “With free trade in energy and common-sense regulatory reforms, the US energy industry can strengthen US energy security and continue to pioneer the innovations that make possible the safe and responsible development of energy […] 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 also hailed the recent growth in the US energy sector, and its impact on the US economy, which has accounted for approximately 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,” Tillerson said.

Tillerson also noted that industry has a responsibility to meet the challenge of providing for the world's energy needs while protecting the environment.

“The global economy will need sound economic reasoning and more sensible policies to fully leverage this moment to meet the energy and environmental challenges of the future,” said Tillerson.

Edited from press release by

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