ExxonMobil Chairman and CEO Lee Raymond addresses Senate Energy and Commerce committees
Posted: 10 November 2005
Exxon Mobil Corporation Chairman and CEO Lee Raymond told Senate Energy and Commerce committee members in Washington, D.C., it is the responsibility of the U.S. government and industry leaders to ensure effective, long-term energy policies meet growing energy demand and ensure future availability of supplies to consumers at competitive costs.
Raymond said the key to a successful energy future needs to be grounded in reality, focused on the long-term and intent on finding viable solutions.
He highlighted three points while addressing the committees:
- Given the scale and long-term nature of the energy industry, there are no quick fixes or short-term solutions to increasing energy prices.
- Historically, ExxonMobil has maintained a strong investment program -- when earnings are high and when they are low -- aimed at developing future supplies to meet the world's growing energy demand needs.
- Permitting markets to work will enable us to meet our future energy challenges.
"Given the scale and long-term nature of our business, effective policies must be stable, predictable and long-term in their focus," said Raymond.
"History teaches us that punitive measures, hastily crafted in reaction to short-term market fluctuations, will likely have unintended negative consequences, including creating disincentives for investment in domestic projects."
Raymond noted the energy industry is meeting the challenge, and stated the government can best help by promoting a stable and predictable investment environment, reinforcing market principles, promoting global trade, promoting the efficient use of energy, and implementing and enforcing rational regulatory regimes based on sound science and cost and benefit analyses.
For more information see www.exxonmobil.com
Posted by Richard Price, Editor, EnergyME.com
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