The government is preventing the oil industry from creating more jobs. Rex Tillerson, CEO of ExxonMobil, said that his company would expand its workforce if the U.S. would allow it better access to federal lands. He addressed jobs, the economy, and challenges facing the energy industry in an interview with CNBC's Maria Bartiromo at the Washington Ideas forum on Thursday.
What could his industry do to create more, Bartiromo wondered. "[By] allowing our industry to do the things we've done for decades in this country. That means access," Tillerson replied. He asserted that his company would be eager to expand its energy production, but it is constrained by government policy. Its refusal to allow it to acquire oil and natural gas from federal lands significantly limits its potential to produce, he said. He explained that the attitude of the U.S. not to allow energy companies access to federal lands is actually an aberration in the global market. In other countries, governments want their natural resources developed, he said. But in the U.S., he characterized the government as asking: "What do we do to make it as difficult for you as we can?"
Very good article by an "evil" oil company CEO.
Tax and regulatory uncertainty is also a problem that holds back growth in his sector, and ultimately hiring, according to Tillerson. He explained that when the rules aren't clear and concrete, making the sort of long-term investment that is necessary in his industry becomes difficult from a financial risk standpoint.