Patrick Pouyanne, CEO of TotalEnergies SE insisted on Monday that the US’s position as the world leader in energy is crucial.
The US energy industry has exploded. In an interview with CNBC, he said that production of oil had never been higher.
He made his comments just a day before the US general elections of 2024, although the results may not be known for days or even weeks.
US energy leadership on global markets
According to the Energy Information Administration, the US produces roughly 22 percent of the global oil output.
Pouyanne said that the US was on course to be a leader in LNG production.
He noted that energy is “a big competitive advantage for the United States” and that whoever is elected president will likely prioritize the nation’s interests in the field.
After the Ukraine crisis in 2022, Russia’s LNG imports will drop significantly.
Saudi Arabia is the world’s second largest oil producer and accounts for approximately 11% of total global production.
The West Texas Intermediate crude (WTI), which trades near the $70 mark, is a highly relevant topic for voters and policymakers.
Trump and Harris: Energy policy
Patrick Pouyanne emphasized that Donald Trump and Kamala Harri have both expressed their support to maintain the US’s energy dominance.
If he is elected on November 5, Trump will likely push to expand drilling projects, and also de-regulate the oil industry.
In August, Kamala Harris confirmed that, should she be elected as president, she would not ban fracking.
JPMorgan had predicted earlier in the year that WTI crude oil could reach $100 per barrel as production incentives slow.
Bob McNally is a former White House advisor, and the founder of Rapidan Energy. He believes that Brent crude could also reach $100 due to rising geopolitical tensions with Iran and Israel.
Pouyanne’s plea for US energy advantage under the new administration is a response to global energy demand, geopolitical issues, and market stability.
The post TotalEnergies’ CEO urges the next US President to prioritise energy dominance during 2024 elections may be updated as new developments unfold.
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