Putting energy to work

September 17, 2009

Investments in energy fuel U.S. economic progress and job growth.

The World Energy Council has called energy “the backbone of every economy.” And it’s true: Each of the 140 million jobs in the United States depends in some way on energy.

Energy runs our factories, lights our offices, powers our computers and takes Americans to their jobs and back home again. It’s a common element underpinning our economy and our lifestyles.

Because energy is so vital to our economic and social well-being, we must work to expand — not limit — our energy portfolio.

The men and women of the U.S. oil and gas industry play an important role in securing the energy consumers need while also contributing to our economy. Consider the following examples:

• Many energy companies are continuing to invest billions of dollars in new projects, despite current economic conditions. ExxonMobil alone is on track to invest an average $25 billion to $30 billion annually in energy projects at home and around the world over the next five years.
• The oil and gas industry directly and indirectly supported more than 9 million full- and part-time jobs in the United States in 2007, according to a recent PricewaterhouseCoopers study. Expanded access to untapped U.S. resources would create more jobs.
• The same study also found that the total value added by the oil and gas industry to the U.S. economy in 2007 was more than $1 trillion — about 7.5 percent of U.S. gross domestic product.

To maximize the industry’s economic contribution into the future, the United States must support further development of this nation’s energy sources — including oil, natural gas, coal, nuclear and alternatives. Such diversified investments, both here and abroad, will help Americans keep energy costs down, create new jobs and improve consumer choices.

These activities, combined with steps to increase efficiency and reduce the impact of energy use on the environment, are part of the integrated solutions the United States needs to balance our economic, energy and environmental priorities.

As the World Energy Council said in a 2007 report, “Sustainable development is not only about the environment. Policies which fail to contribute to economic and social development will themselves prove unsustainable.”

Policymakers should uphold sound and stable regulatory, legal and tax policies to encourage the energy investments — in supply, technology and efficiency — that are essential to our economic recovery and our global competitiveness.

With such sensible policies in place, ExxonMobil and the oil and gas industry can continue to develop new supplies, create and sustain jobs, provide government revenues, and drive economic growth.

Energy is the backbone of the U.S. economy, so we need to make sure it’s strong enough to support our economy and the jobs our nation needs.