Government policies most conducive to energy abundance, reliability, and affordability are not focused on micromanaging or manipulating energy markets, but on establishing basic parameters and allowing free markets to work.
With stable and unbiased public policies supporting open, competitive free markets, the energy industry and companies like ExxonMobil can help lead an economic resurgence with disciplined investments in new projects, new technologies, and new jobs that will help ensure reliable energy for the U.S. economy.
U.S. energy renaissance
The U.S. is the world's leading producer of oil and natural gas. An energy renaissance in the U.S. started in 2008, brought on by the innovative combination of horizontal drilling and hydraulic fracturing. We are now living in an era of domestic energy abundance, which has impacted markets while delivering a wide array of economic benefits. In November 2016, the U.S. became a net exporter of natural gas for the first time since 1957. Nationwide, the energy industry supports more than nine million jobs.
Offshore oil and gas resources
Access to U.S. offshore oil and gas resources remain vitally important to continued U.S. energy security and economic prosperity. Access obstacles continue to limit development through broad regulatory overreach. Less than fifteen percent of the 1.76 billion acres in the U.S. Outer Continental Shelf (OCS) is available for leasing through 2017. Leasing the remaining 85+ percent of the OCS that is currently “off-limits” to oil and gas development could help create 840,000 jobs and generate $200 billion in public revenue.
Investing in American manufacturing
The U.S. energy renaissance is also helping an expansion in American manufacturing. ExxonMobil is investing in new refining and chemical-manufacturing projects in the U.S. Gulf Coast region to expand our manufacturing and export capacity. These new projects are expecting to create more than 45,000 jobs in America as we invest more than $20 billion over 10 years to build and expand manufacturing facilities. Our expansion initiative, called Growing the Gulf, covers 11 major chemical, refining, lubricant and liquefied natural gas projects in Texas and Louisiana.