investing in America's energy future

July 26, 2007

By 2030, experts predict that the world will require about 40 percent more energy than it did last year. Growth in developing countries will drive most of this increase, but energy demand is expected to increase in the United States, too.

ExxonMobil is helping meet these needs by continuing to make massive investments in future energy development — about $280 billion worldwide over the last 20 years, which exceeded our total earnings during that period. In the last five years alone, we have invested over $80 billion, including about one third in North America.

Today, for example, we are unlocking the natural gas potential of Colorado's Piceance Basin, while investing in Gulf of Mexico production and in the world's largest liquefied natural gas (LNG) project, which will help supply the U.S. market. We have expanded our U.S. refinery capacity at a rate that is 50 percent greater than the industry rate over the last decade, and our U.S. gasoline production is 5 percent higher this year than last.

Such projects help strengthen energy security by increasing and diversifying supplies available to Americans, which mitigates the impact of a disruption in any one country or region. In addition, enabling access to more of the unexplored oil and gas potential in the U.S. would allow companies like ExxonMobil to invest and develop still more resources for American consumers.

Investing in new technologies that reduce the environmental impact of our global operations is a priority, also Such investments, for example, have led to drilling technology improvements that result in smaller footprints; have reduced energy use and emissions at our refineries and chemical plants; and help improve the fuel economy of the cars our customers drive.

And we are working with leading research institutions to identify breakthrough technologies that can deliver energy with dramatically lower greenhouse gas emissions.

Stable and impartial tax policies are critical to companies looking to invest on such a scale. ExxonMobil’s total U.S. tax expenses for the past five years were nearly $60 billion, exceeding our U.S.-based earnings during that period by more than $20 billion.

As the U.S. economy grows, so will Americans’ energy needs. Government can help meet these needs by ensuring reliable and impartial rules for all energy investments. We are committed to meet these needs through continued investments in energy supplies and ever cleaner technologies that help secure America’s economic future.