There’s no doubt greater domestic oil and gas production can create U.S. jobs. A recent Wall Street Journal editorial cited a fact that jobs in oil and gas production have increased by 80 percent since 2003, and the industry accounted for more than one in five of all net new private jobs in that period. But greater production of oil and gas is only one way the industry creates U.S. jobs.
Last week, the oil and gas industry once again “walked the talk” about investing in U.S. energy supplies. On Wednesday, the U.S. Bureau of Ocean Energy Management held the first federal offshore lease sale since the Macondo well blowout in April 2010. The 20 companies participating in the sale ended up paying almost $340 million to the U.S. government for the right to explore leases in the western Gulf of Mexico offshore Texas.
This may seem like a strange question to ask, considering iPhones obviously are charged with electricity, not gasoline. But the answer speaks to why gasoline and other liquid fuels will remain an important part of the energy mix in the future. In ExxonMobil’s recently released Outlook for Energy, we predict that by 2040, about 90 percent of the global transportation fleet will still be powered by liquid petroleum fuels – that is, gasoline, diesel, and jet fuel.
For the past week, I’ve been sharing some of the most interesting current energy stories through the Daily Beast’s “Energy Tweet Sheet.” Naturally, most stories focus on what’s going on in the energy industry now – from supply and demand to markets and prices. But the story of the future of energy is about technology, progress and prosperity. ExxonMobil’s just-released Outlook for Energy: A View to 2040 takes a look into the future and finds that technology advancements over the next three decades will produce greater supplies of energy, more diverse supplies of energy and new ways to save energy – all of which will be essential to meeting future energy demand.