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Government policies at the turning point

ExxonMobil chairman and CEO Rex Tillerson was in Houston this week to deliver the opening keynote address at the oil-day session for this year’s IHS Energy CERAWeek conference.

Addressing delegates about the “turning point” for our industry and the economy at large amid a major decline in prices, Rex spoke to the supply-and-demand fundamentals that have helped bring about that price drop, most notably the large new supplies of oil produced in America’s shale regions in the last few years.

RexTillerson_IHS_04-2015Rex pointed out that this gusher of supplies is the product of fantastic ingenuity and innovation by our industry. We are constantly pioneering new techniques and technologies that are redrawing the 21st century economy.

The shame is that our government policies aren’t keeping up with our technology and progress.

“Unfortunately, as much as our investments and technologies are shaping – and will shape – the 21st century, our industry continues to struggle under the weight of policies that are products of 1970s thinking,” said Rex. “We need policies that recognize the ‘turning point’ moment” in which we find ourselves.

In his view, that boils down to four things:

  • Governments need to recognize that our advanced technologies and techniques have been proven in some of the most delicate ecosystems and challenging environments on the planet;
  • Washington must promote free trade in oil and natural gas as it does for virtually every other American-made good or product;
  • Critical infrastructure projects like Keystone XL must be approved; and,
  • Our regulatory process needs greater certainty and transparency.

For more on Rex’s view of government and industry at this turning point for our economy, click here.


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