Hot Topics

Oil, natural gas supports 9 million American jobs, 7.5 percent of GDP

The economic impact of the oil and natural gas industry reaches all 50 states and the District of Columbia a new study by PricewaterhouseCoopers (PwC) found. The study entitled “The Economic Impacts of the Oil and Natural Gas Industry on the U.S. Economy: Employment, Labor Income and Value Added” notes the U.S. oil and natural gas industry supports more than 9 million American jobs, and added more than $1 trillion to the national economy, or 7.5 percent of the U.S. gross domestic product, in 2007, the most recent year for which data was available. Click here to read the report.

Senators Send Letter to Interior Secretary Urging Offshore Drilling for Oil and Natural Gas

The Interior Department said that the Minerals Management Service received some 535,000 public comments for its OCS 2010-2015 5-year plan during the 6-month comment period that expired on September 21, and according to the Consumer Energy Alliance, over 60% of the comments supported responsible drilling. Key comments were also sent from members of Congress, including a letter from 35 Senators (30 Republicans and five Democrats) to Interior Secretary Ken Salazar urging him to open up new offshore areas in the Atlantic and Pacific for oil and natural gas drilling. Click here to read the letter.

API opposes Waxman-Markey climate change legislation

Addressing climate change is important, and the oil and natural gas industry has made serious commitments to reducing emissions of greenhouse gases (GHG). API supports legislation to reduce GHG emissions. Unfortunately, the approach taken by the Waxman-Markey bill is so fundamentally flawed that it should be rejected. The Waxman-Markey climate change legislation will drive up the cost of gasoline and other petroleum fuels for consumers and businesses and should be set aside, API President Jack Gerard said in a letter to Congress. Click here to read Gerard’s letter.

In The News

Rex Tillerson testified before the House Subcommittee on Energy and the Environment

Rex Tillerson, Chairman and CEO of Exxon Mobil Corporation, testified before the House Subcommittee on Energy and the Environment on Capitol Hill on January 20. In his testimony, he discussed ExxonMobil’s merger plans with XTO Energy, and the positive implications for U.S. energy security that increased domestic natural gas resources will provide. Read Tillerson’s opening remarks here.

Rex Tillerson Discusses Energy Investment and Innovation at the Economic Club of Washington, D.C.

Speaking at the Economic Club of Washington, D.C., Rex Tillerson, Chairman and CEO of Exxon Mobil Corporation outlined the energy challenges facing America and the world—ensuring the availability of energy supplies required for economic growth while addressing the risks of climate change. He spoke about the strong contributions the energy industry makes to economic growth, job creation and innovation, and highlighted the elements needed for sound public policies to ensure the industry can continue to invest in new technologies to meet global energy challenges.  Read Tillerson’s speech here.

Oil Company Earnings and Prices

Our quarterly document “Responding to World Energy Needs” has been updated. This background paper provides basic information on global energy markets, energy prices and ExxonMobil’s multi-billion dollar capital investments to meet future energy needs. We hope you find this resource useful as you consider the policy debates surrounding energy, and in discussions with your friends and family. Open the PDF...