ExxonMobil's Impact In New Mexico
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The United States is a leading producer of oil and natural gas, which is allowing for historic new investments in U.S. manufacturing.
ExxonMobil plans to invest more than $50 billion over the next five years to build and expand manufacturing facilities in the U.S. This includes the Growing the Gulf initiative, which will create about 45,000 jobs in the United States.
The Growing the Gulf initiative includes 11 major chemical, refining, lubricant and a liquefied natural gas (LNG) projects in Texas and Louisiana, representing $20 billion in total economic activity.
As society continues to advance and address multiple important issues – such as alleviating poverty, expanding economic development, and providing billions of people with basic energy access and improved living standards – the demand for affordable and reliable energy across the global economy is expected to grow substantially.
Providing the energy the world needs, while limiting environmental impacts, including the risks of climate change, is an important dual challenge. Advances in technology will be instrumental in providing energy solutions designed to reduce greenhouse gas emissions at the lowest societal cost possible.
Since 2000, ExxonMobil has invested more than $10 billion to develop and deploy higher-efficiency and lower emissions energy solutions across our operations. These emissions reduction programs have eliminated or avoided 400 million tonnes of CO2 which is equivalent to the energy-related CO2 emissions associated with about 55 million U.S. homes.
We also continue to encourage policy that addresses the risks of climate change at the lowest cost to society, through transparent, economy-wide pricing mechanisms that best incentivize and reward new technologies and innovations. We have long supported a uniform price of carbon applied consistently across the economy (such as a carbon tax) as an approach that is consistent with these policy principles.
Methane is the primary component of natural gas. The energy industry works hard to limit methane emissions, not only for environmental reasons, but also to capture more of the gas for sale.
ExxonMobil is one of the world’s leading natural gas producers and marketers. Therefore, it is important to limit methane emissions from the natural gas value chain, in order to maintain comparative benefits over other energy sources.
We continue to test ideas we hope will result in additional innovations, introduce new and better equipment, and improve how we design facilities.
Extracting oil or natural gas from shale, tight sandstones or coal beds requires drawing the resource through openings about one half the width of a human hair. Hydraulic fracturing, or "fracking", uses water pressure to create hairline fractures in rocks deep underground so oil or natural gas can flow through a well to the surface.
Once the well is drilled, the fracking process begins. Hydraulic fracturing fluid, mainly water and sand, is pumped down the well to create tiny fractures in the rock well below the surface.
Once drilling and fracking are complete, and resources are flowing, the producing wellhead will remain in this state for the rest of its producing life, which can be 20 to 30 years.
Smart regulations help protect public health and the environment, but ineffective, unnecessary regulations cost jobs, undercut growth and undermine competitiveness.
Systematic flaws in the regulatory framework result in smaller paychecks for regular Americans, higher consumer bills and lost jobs.
Commonsense reforms to improve the transparency, accountability and objectivity of regulations would enable more effective enforcement, maximize public health and welfare, and minimize economic costs.
ExxonMobil supports smart regulations that are effective, equitable, and evidence-based rules that ultimately benefit society. Their implementation should be consistent and transparent, and not inappropriately impact jobs, growth or competitiveness.
We support regulatory process improvements to simplify rules, increase transparency and streamline oversight and enforcement. Risk assessments, cost-benefit analyses and peer reviews should be part of any smart environmental regulation.
Technologies don’t currently exist in order to meet future energy demand while reducing emissions across the transportation, industrial and power sectors in meaningful ways.
This partnership promotes innovation and collaboration, which are integral to finding lower-emissions energy solutions that can be deployed on a commercial scale.
The agreement is one of the largest between the Department of Energy’s laboratories and the private sector. It will stimulate collaborative projects between ExxonMobil and the laboratories and facilitate work with other national laboratories.
The investment will further ExxonMobil’s efforts to advance fundamental science, leading to emissions reduction solutions that can be applied globally.
ExxonMobil is investing up to $100 million over 10 years to research and develop advanced lower-emissions technologies with the U.S. Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory.
The joint research supported by this investment will work to develop energy efficient and greenhouse gas mitigation technologies and will also focus on reducing emissions from fuels and petrochemicals production.
This collaboration is one of many partnerships ExxonMobil has established to promote innovative lower-emissions research programs. Thus far, ExxonMobil has partnered with over 80 universities, five energy centers, and multiple private sector partners. Since 2000, the company has spent more than $9 billion to develop and deploy lower-emissions energy solutions.
Pipelines are an essential part of American infrastructure that we all depend on for affordable and reliable energy supplies across the country.
In the United States, there are over 3 million miles of pipelines helping to move crude oil, natural gas, gasoline, diesel fuel and other petroleum products safely to consumer markets.
Pipelines are tightly regulated in the United States. Government agencies that regulate the industry include the U.S. Pipeline and Hazardous Materials Safety Administration, the U.S. Environmental Protection Agency, and the U.S. Federal Energy Regulatory Commission.
New Mexico is one of the United States’ leading oil and gas producers, ranking 3rd in annual oil production and 9th in annual natural gas production. With production concentrated in two areas—the Permian Basin in the southeast and the San Juan Basin in the northwest—the industry brought in more than $3.1 billion to New Mexico’s economy in 2019.
Beneath the world's ocean, there is an abundance of oil and natural gas. This energy source plays a significant role in our economic growth and providing reliable, affordable energy for the United States.
Offshore drilling in federal waters is tightly regulated by the U.S. Department of the Interior's Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement.
America’s economy is linked in so many ways to the energy industry— this link is particularly strong with oil and natural gas. As we continue our economic recovery, we want to share more with you about the scale of impact the industry delivers. Check out the video above and click “Why is it important” to learn more!
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