ExxonMobil CEO: Free energy trade to boost investments, jobs and production

ExxonMobil CEO Rex W. Tillerson has returned to the IHS CERAweek event in Houston, where he previously spoke in 2012.

Starting the opening keynote speech during the second day of the energy conference being held at the Hilton Americas Hotel, Tillerson said that the industry is at a turning point, adding that there is a new world being created by the energy sector.

He was referring to the shale boom in the U.S. and OPEC’s decision not to cut production, which lead to a dramatic fall in the global oil prices, a fact which will require “increased discipline and focus by the oil companies.”

Similarly to what Alaska Senator Lisa Murkowski, and ConocoPhillips CEO Ryan Lance said during the first day of the event, Tillerson has called for the U.S. government to give the green light for exports of U.S. oil and gas.

“Our industry continues to struggle under the weight of policies that are the products of 1970’s thinking. This must change.”

“Free trade in energy will lead to increased investment, job creation and energy production” Tillerson has said.

He said that the U.S. energy industry needs sound energy policies, in order for the society to fully benefit from the energy abundance.

“We need policies that appreciate the power of free market to create revolutionary innovations.”

He urged the U.S. Government to promote free trade in natural gas and crude oil.

“Whether we are talking about the export of LNG or lifting a ban on crude oil, the economist and leaders from across the global spectrum agree that free trade in energy will lead to increased investment, increased jobs creation and increased production,” Tillerson said.
In his prepared presentation, Tillerson has also urged for more transparency and certainty in the U.S. regulatory processes, describing the system as overly complex and hostile to new investments, as opposed to the more simple and cooperative one in Canada.
Asked about the current low oil prices cycle, Tillerson said that these low oil prices could remain in force for several years.

Jokingly he said: ”You can take any oil price forecast, and you will be right. At some point,” referring to the volatility of the crude oil market.

Offshore Energy Today Staff