ExxonMobil CEO Criticizes Energy Bill

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ExxonMobil CEO Criticizes Energy Bill

IRVING, Texas -- ExxonMobil Corp. CEO Rex Tillerson issued harsh criticism of the energy legislation being considered in both the Senate and House of Representatives, stating it is too focused on supply independence and not enough on security, Bloomberg News reported.

"The energy bill is so flawed that it's difficult to see a way to fix it," Tillerson said earlier this week at an industry conference in New Orleans, according to Bloomberg News. "What I hope is that people consider the real issue, which is energy security, which means developing domestic resources, promoting wise use of energy, and not setting up obstacles to trade."

The measure being considered calls for lengthening the permitting process for drilling on federal lands, as well as discarding $15 billion worth annually of tax benefits, the report stated. In addition, the legislation may allow antitrust suits against countries participating in the Organization of the Petroleum Exporting Countries (OPEC), members of which supply about 40 percent of the world's oil, and as a result, could lead to retaliation against oil companies, the report stated.
Tillerson added that energy security calls for a focus on increasing efficiency through conservation, along with allowing more drilling to increase production, the report stated.

This was not the first time that Tillerson criticized potential legislation. In late June, he spoke out about an alternative fuel bill that passed through the Senate and was before the House of Representatives, CSNews Online reported, citing a Financial Times report.

The bill "almost defies any sense of logical or rational thinking," he told the Times, adding that it plays on the emotions of the American people. "For a lot of good reasons, [people] are upset with the high prices of energy," he said. "People are reacting to that, and in a not very rational way."

Items on the bill included increases in the use of biofuels, punishments for gas-price gouging, an increase in the fuel economy standards and support for research into energy technologies.

"There's really nothing in that energy bill that I can tell is going to in any way alter the current energy supply or demand pricing situation. In fact, it runs a risk of actually making it worse; certainly in the short-term it doesn’t do anything," Tillerson said at the time.