EnergyFactor By ExxonMobil | Pespectives has a new home

Energy and the Economy

It seems like every time we announce ExxonMobil’s earnings, critics jump on soapboxes to demand that we and others in the industry pay more in taxes, predictably calling for the repeal of so-called “subsidies” to the industry that are nothing more than standard tax provisions. Today was no exception. We reported our earnings, and before you could say “Big Oil,” the usual critics were urging the U.S. government to punish ExxonMobil.

In finalizing its proposed offshore oil and gas leasing program covering the years 2012-2017 recently, the Obama administration announced it was advancing the president’s “directive to continue to expand safe and responsible production of America’s important domestic resources.” But a closer look at the plan’s details makes one wonder where the expansion is.


NPR had a good piece Wednesday morning about the state of the economic recovery in the United States. What really stood out was its treatment of the transformative role played by the American oil and gas industry in driving economic growth and job creation. Among the guests on the Morning Edition segment was Zanny Minton Beddoes of The Economist, who highlighted the role of American shale oil and gas development. Beddoes said it “is completely revolutionizing part of the U.S. economy, and it’s a strength that a lot of other advanced economies haven’t got.”

Our nation’s political leadership routinely calls on companies across the country to invest in America. Turns out some companies are already doing a pretty good job of it, spurring economic growth and supporting job creation along the way – particularly in the U.S. energy industry.


Last fall, I wrote about how U.S. energy development is creating jobs in places you might not expect – such as in the Aker shipyard in Philadelphia. In September, ExxonMobil affiliate SeaRiver Maritime signed an agreement with Aker to build two new Liberty Class tankers. Last week, the Philadelphia Inquirer looked into what this new business means for the shipyard, which was on the brink of closing just a year ago.

This summer, you’re likely going to see a lot more talk about exports of American-made energy. As a result of the oil and natural gas industry’s technological innovations, including hydraulic fracturing, the United States is producing levels of oil and natural gas that no one expected just a few years ago. Under the guise of protecting American interests, some are claiming that energy resources are not like other products that are commonly traded on international markets – and therefore exports should be limited. This is a fundamentally untrue statement.



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