The Energy Industry's Perspective

All of the United States' 140 million jobs depend on energy,in the view of Exxon Mobil.The World Energy Council says energy is the backbone of every economy,Exxon points out.That being the case,our energy portfolio must be expanded,not restricted.Despite a fall in demand,energy companies such as Exxon are continuing to invest billions of dollars in exploration and production.Exxon is averaging 25-30 billion a year in worldwide projects.These oil and gas activities support more than nine million U.S. jobs.More access to U.S. resources would add even more positions.The total value contributed to the U.S. economy by oil and gas in 2007 alone exceeded one trillion dollars,or about 7.5% of the Gross Domestic Product.
Developing all possible energy sources,including oil,natural gas,coal,nuclear and alternatives will keep energy costs down,create new jobs and improve consumer choices,Exxon believes.
The World Energy Council holds that sustainable development is not only about the environment.Policies which fail to contribute to economic and social development will themselves prove unsustainable.In order to support U.S. economic recovery and global competitiveness,the oil and gas industry is calling for sound and stable regulatory,legal and tax policies to encourage energy investments.
Exxon successfully led a consortium to access to an Iraqi oil field last week.As well,Exxon is purchasing XTO Energy for 31 billion dollars,seeking XTO's shale oil and gas holdings and expertise.