TotalEnergies CEO Patrick Pouyanne told CNBC on Monday that whoever wins the 2024 U.S. election should work to maintain U.S. energy dominance rather than risk losing it.
America is The world’s largest oil producer, Its production accounts for 22% of the global total, followed by Saudi Arabia with 11%, according to the Energy Information Administration. The vast majority of U.S. crude oil is consumed domestically, and the country is also the world’s largest oil consumer.
“Energy has been unleashed in the United States. In fact, when you look at what has happened over the past two or three years, oil production has never been higher… The U.S. shale oil revolution is really happening,” Puya said. Ni told CNBC’s Dan Murphy at the annual Adipec oil conference in Abu Dhabi.
approximately Shale oil accounts for 64% of total U.S. crude oil production The CEO of France’s International Energy Company said that the United States will soon become the number one producer of liquefied natural gas (LNG).
“I think it’s part of the political rhetoric,” Puyana said. “My point is, no matter who (the winning) camp is, the fact is, energy is indeed a big competitive advantage for the United States, and I would say whoever wins (will put) America first.”
Looking ahead to the election, former President Donald Trump and Republicans have long been supporters of U.S. shale oil production, pushing to deregulate the industry and expand drilling programs, drawing the ire of climate activists and many on the left.
ConocoPhillips Eagle Ford shale drill rig in Texas
Source: ConocoPhillips
But Democratic challenger Vice President Kamala Harris Now changing her stance on frackingExpressed support for the controversial oil and gas extraction process and promised not to ban it as president, despite years of vocal opposition.
Abbreviation for hydraulic fracturing, a process that uses large amounts of water and can Destroy the environment — paving the way for the shale revolution in the United States, which has seen the country’s oil production soar from a record low of 5.1 million barrels per day in 2008 to a record high of nearly 13 million barrels per day in 2023.
“Kamala Harris has announced her support for fracking and shale gas. So I think that’s part of the game,” Puiani said. “To me, today, the United States has a clear competitive advantage in energy compared to many other countries around the world. So I would be surprised to see whoever is elected lose that competitive advantage.”
Energy dominance also plays an important role in U.S. exports and geopolitical power, as the U.S. is able to increase oil and gas supplies to Europe as the continent cuts imports from Russia after Moscow invades Ukraine. In 2023, the United States supplied nearly half of Europe’s LNG imports, According to Sedigazimuch of which is produced by shale drilling.
Puyana noted that President Joe Biden’s administration has adopted tighter restrictions on opening new drilling areas, “but at the same time, they approved a project in Alaska,” he said.
“So, I mean, it’s more balanced than we thought,” the TotalEnergies CEO added. “My view is: ‘America First,’ no matter who is president.”
