energy close to home

November 29, 2007

The United States is the world’s leading consumer of oil. But did you know that we are also the third-leading oil producer, behind only Saudi Arabia and Russia? In fact, when you fill your tank, the country most likely to have supplied the oil is our own.

Resources produced in the United States play a leading role in meeting our domestic energy needs. They will continue to do so as our economy grows and Americans’ demand for energy increases. By 2030, the United States will need about 25 percent more oil than it does today, according to government agencies.

Fortunately for American consumers, the United States is endowed with tremendous stores of oil and gas. Investments by energy companies have developed our nation’s energy reserves safely and reliably. ExxonMobil alone has invested more than $17 billion in the United States in the last five years.

This includes investments in technologies that allow us to successfully develop resources that had been previously considered out of reach due to geologic or economic barriers.

For example, ExxonMobil used what is known as Enhanced Oil Recovery technology at the mature Means Field in west Texas to substantially increase the oil that could be recovered. In the Gulf of Mexico, advanced "3-D" seismic imaging of an old reservoir revealed previously undetected hydrocarbon deposits, which helped production rates more than double.

In Colorado’s Piceance Basin, ExxonMobil found a way to “unlock” gas trapped in rock up to 16,000 feet deep. Technologies that develop “unconventional” reserves in areas like Piceance and elsewhere in the Rocky Mountains have the potential to contribute a substantial increase to U.S. gas production. Such projects help strengthen energy security by increasing and diversifying supplies available to Americans.

Unfortunately for U.S. consumers, much of our nation’s energy resources has been placed “off limits” by the federal government, including estimated recoverable oil equating to 8 years of current U.S. crude oil imports. With the advanced technologies of today, the energy industry can develop these resources safely and responsibly, while minimizing the potential impact on the environment.

To secure its energy future, the United States should keep its doors open to a wide range of energy sources. Imports will play a vital role. But we must also draw upon the abundant resources within our borders. ExxonMobil is doing just that, by developing new technologies and making the investments needed to maintain America’s position as a leading energy-producing nation.

This is the second of a three-part series on U.S. energy security.