ExxonMobil Chairman and CEO Rex Tillerson spoke at the Economic Club of Washington, D.C., last week to discuss the industry innovations that have launched the era of energy abundance that has been one of the U.S. economy’s few bright spots in recent years.

Rex also talked about the need for sound economic reasoning and sensible public policies to fully leverage the opportunity this abundance has presented if we are to meet the energy and the environmental challenges of the future.

He particularly fingered an increasingly problematic regulatory environment for hampering businesses and stifling economic growth. The Keystone XL saga has been just the most obvious example.

However, said Rex, “The regulatory delays and legal wrangling over the Keystone XL pipeline are not an outlier.  It is just the poster child for a lot of other regulatory processes that are broken.” These are affecting our nation’s infrastructure, trade, and even our ability to compete.

You can read the text of Rex’s speech here.