During an interview with CNBC on Monday, TotalEnergies CEO Patrick Pouyanne emphasized the importance of maintaining America’s energy supremacy, urging that the victor of the upcoming 2024 U.S. election should prioritize this objective to avoid jeopardizing the nation’s energy-led growth.
The United States stands as the largest oil producer in the world, contributing a remarkable 22% to global oil production, as reported by the Energy Information Administration, dwarfing the output of Saudi Arabia at 11%. Interestingly, a significant portion of the crude oil produced domestically is consumed within the United States, which simultaneously holds the title of the largest global oil consumer.
“U.S. energy has been unleashed,” Pouyanne remarked, noting that in recent years, oil production has reached unprecedented levels. He highlighted that the shale revolution in the U.S. is currently in full swing, contributing substantially to this surge in production. The CEO articulated these points during his conversation with CNBC’s Dan Murphy at the prestigious annual Adipec oil conference held in Abu Dhabi.
Approximately 64% of the total U.S. crude oil output stems from shale, indicating its pivotal role in the nation’s energy landscape. Furthermore, Pouyanne asserted that the U.S. is poised to become the top global producer of liquefied natural gas (LNG) in the near future—a noteworthy development considering the ongoing energy transition worldwide.
While discussing the upcoming electoral contest, Pouyanne noted the longstanding support for U.S. shale production among former President Donald Trump and the Republican party, who have advocated for reduced regulations and expanded drilling initiatives—a stance that has drawn significant criticism from climate activists and liberal groups concerned about environmental impacts.
Conversely, Democratic contender and current Vice President Kamala Harris has recently shifted her stance on fracking, expressing newfound support for the contentious oil and gas extraction method. This marks a significant departure from her previous opposition, as she pledges not to impose a ban on fracking if she were to take office.
This hydraulic fracturing method, utilizing considerable amounts of water, has been scrutinized for its potential environmental harm, yet it has undeniably been a cornerstone of America’s shale revolution. This transformation has propelled the nation’s oil production from a mere 5.1 million barrels per day in 2008 to a staggering nearly 13 million barrels per day in 2023, highlighting the scale of this energy success story.
Reflecting on Harris’s recent pro-fracking stance, Pouyanne remarked, “Kamala Harris has declared that she’s supportive of shale oil fracking and shale gas. So I think it’s part of the game.” He continued to assert that the U.S. possesses a clear competitive edge in energy compared to much of the rest of the globe and expressed disbelief that any future president would willingly relinquish this advantage.
Energy dominance is not only crucial for economic growth but also for U.S. geopolitical strength. The United States has become a key supplier of oil and gas to Europe, particularly as the continent seeks alternatives following disruptions in supply due to Russia’s invasion of Ukraine. In 2023, U.S. exports accounted for nearly half of Europe’s LNG imports, according to Cedigaz, with shale production as the key contributor to this increase.
Pouyanne noted that while President Joe Biden’s administration has imposed more stringent restrictions on the opening of new drilling areas, they have simultaneously approved significant projects like one in Alaska. “So, I mean, it’s more balanced than we think,” the TotalEnergies CEO added, reiterating that the focus should remain on putting “USA first,” regardless of who emerges victorious in the presidential election.
**Interview with Patrick Pouyanne, CEO of TotalEnergies**
**Interviewer:** Thank you for joining us today, Patrick. You recently spoke with CNBC about the importance of maintaining America’s energy supremacy. Can you elaborate on why this is crucial, especially with the upcoming 2024 U.S. elections?
**Patrick Pouyanne:** Absolutely, thank you for having me. It’s essential to recognize that the United States currently leads the world in oil production, contributing an impressive 22% to global output. This dominance in energy production not only drives economic growth but also supports energy independence. The next administration must prioritize this to ensure the U.S. continues to benefit from its energy resources.
**Interviewer:** You mentioned the shale revolution. What role does it play in the current state of U.S. oil production?
**Patrick Pouyanne:** The shale revolution has been transformative. Approximately 64% of U.S. crude oil output comes from shale, which underscores its significance in our energy landscape. The advancements in extraction technologies have allowed the U.S. to achieve unprecedented production levels, making it a cornerstone of global energy dynamics.
**Interviewer:** Turning to the political landscape, how do you view the differing stances on energy production from key political figures, especially concerning fracking?
**Patrick Pouyanne:** The support for shale production has traditionally been strong among the Republican party, particularly from figures like former President Trump who advocate for reduced regulations and expanded drilling. It’s interesting to see Democrats, like Vice President Kamala Harris, shifting their positions on fracking. Her recent support for not banning fracking indicates a recognition of its role in the energy transition, which could reshape future policies.
**Interviewer:** With the U.S. on the brink of becoming a top global producer of liquefied natural gas (LNG), what does this mean for international energy markets?
**Patrick Pouyanne:** The implications are significant. As other regions push for cleaner energy alternatives, the U.S. could become a key LNG supplier worldwide. This not only strengthens America’s geopolitical stance but also showcases how traditional energy sectors can pivot towards supporting global energy transitions through cleaner natural gas.
**Interviewer:** Thank you, Patrick, for sharing your insights on America’s energy landscape and its intersection with the upcoming elections. We appreciate your time.
**Patrick Pouyanne:** Thank you for having me! It’s a crucial time for energy discussions, and I’m glad to share these perspectives.
