Want to know how much energy the world will need over the next couple of decades and where it will come from? Take a look at ExxonMobil’s newly released Outlook for Energy. There, you’ll find that growing populations, coupled with economic and social progress, mean the world is going to need more energy by the year 2030. And we’ll need a diverse mix of affordable energy sources to meet this demand.
If we as a nation are to work together, increase American competitiveness, reduce the deficit, and invest in innovation – all goals stated by President Obama in last night’s State of the Union address – then we cannot start this journey by casting aside one of the historic American powerhouses of economic growth and jobs. But yet, that is what the president seemed to do last night to the U.S. oil industry …
It’s a new year, and we have a new Congress – but unfortunately a lot of the same misinformation about energy taxes and subsidies is still circulating in public debate. Many journalists and pundits keep repeating the line that oil and gas companies receive more energy subsidies than other forms of energy, especially renewables. It’s an old line, and more importantly, it’s not true according to a range of U.S. government reports.
In his op-ed in yesterday’s Wall Street Journal (“Toward a 21st-Century Regulatory System”), President Obama opened with the following statement: “For two centuries, America’s free market has not only been the source of dazzling ideas and path-breaking products, it has also been the greatest force for prosperity the world has ever known.” We could not agree more. Free markets drive innovation and growth across all sectors of our economy, including the energy sector.