Recent Posts
New alliance will focus on breakthrough oil sands technologies
More good news about innovation and progress in oil sands development came from Canada late last week. In Calgary, the chief executive officers from 12 oil sands-producing companies – including ExxonMobil’s affiliate Imperial Oil – signed a charter to create Canada’s Oil Sands Innovation Alliance (COSIA). This organization is designed to pool companies’ expertise in oil sands technologies and processes and build upon the independent research and development already taking place.
Removing the disconnect between talk and action on energy policy
Let’s be clear: The U.S. oil and natural gas industry does not receive special “subsidies” or “preferences.” Such claims simply don’t accord with the facts. The fact is that what some call “subsidies” are legitimate provisions of the U.S. tax code that treat our industry the same as other industries. The efforts to prevent oil companies from accessing these provisions achieve nothing but raising the tax burden on the companies that find, produce and manufacture the fuels that are the foundation of the U.S. economy.
Moving beyond the rhetoric on gas prices
As I’ve said before, consumers are understandably frustrated by higher gasoline prices – but no one benefits when discussion about this issue ignores the facts for political reasons. In the Washington Post earlier this week, commentator Charles Lane asks Americans to “Please, everyone, just ignore this blather” when it comes to political grandstanding about gasoline prices. Instead, he says to take a look at what’s really driving the rise in gasoline prices …
A $72 billion contribution to the U.S. economy in 2011
Some in Washington would have you believe that because companies like ExxonMobil are profitable, we are “taking from” the U.S. economy, rather than contributing to it. But the facts prove otherwise. Last year, while ExxonMobil’s operating earnings in the U.S. were $9.6 billion, our total contribution to the U.S. economy was $72 billion. That is how much ExxonMobil spent in the United States on things like taxes, salaries, returns to our investors and money paid to other businesses and industries to keep our U.S. operations running.
