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Weathering Hurricane Isaac

Posted: August 30, 2012 by Ken Cohen

The appearance of Hurricane Isaac this week illustrates why we take steps year-round to be ready when severe weather events arise. ExxonMobil maintains a significant presence along the Gulf Coast, as the accompanying map shows. So we have to be prepared. The whole industry does, in fact, because the U.S. economy depends on energy production from the Gulf of Mexico.

If you were trying to think up a sure-fire way to undercut the competitiveness of U.S. oil and gas companies, you would be hard pressed to find a more effective method than the one just provided by the Securities and Exchange Commission. Earlier today the SEC voted new regulations into effect that will significantly disadvantage publicly traded oil and gas companies listed in the United States against our foreign competitors, especially state-owned national oil companies.


Earlier this month, the United States Energy Information Administration announced that “proved reserves of U.S. oil and natural gas in 2010 rose by the highest amounts ever recorded” since EIA began publishing proved reserves estimates in 1977. This record jump is stunning news, especially considering a general trend of decreasing production between 1980 and 2000. That trend is now being reversed.

One billion dollars every single day. That is the rough measure of the benefit the U.S. economy is estimated to receive by the end of this year thanks to the development of new supplies of oil and natural gas, according to a new analysis.


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