ExxonMobil Response to Recent Statements by Democratic National Committee

August 8, 2008

Energy is vital to the U.S. and the global economy and touches nearly every aspect of daily life.

The issues surrounding America’s energy future deserve to be debated openly and honestly and not as part of childish gimmick designed to create confusion and obscure the real issues. American consumers, who are paying $4 for a gallon of gas as a result of record high global oil prices, deserve better.

Simple economics suggest that the best way to put downward pressure on prices is to bring new supplies into the marketplace and use the energy we have more wisely, which also helps the environment.

We are doing both.

We have developed a variety of technologies to improve efficiency, including tire liners that help maintain optimal inflation, fuel-saving engine oil and light-weight automobile plastics. If technologies such as these were used by just one third of cars on the road in the U.S., it would save about 5 billion gallons of gasoline a year.

In addition, we are also sponsoring next-generation breakthrough research into ways to make alternatives like solar and biofuels more available and affordable for use on a wider scale, and into technologies to reduce the emissions from fossil fuel use, such as carbon capture and storage.

ExxonMobil is investing in record levels in an unprecedented effort to find and develop new energy supplies around the world, and plans to spend $125 billion over the next five years. That amounts to more than half of the combined capital spending of all 13 member countries in OPEC.

We could make even greater investments to develop new oil and gas resources in the United States if we could access areas currently ruled off-limits. An estimated 37 billion barrels of conventional recoverable oil and 171 trillion cubic feet of natural gas are believed to be on lands currently ruled off-limits for production by the federal government. That’s enough to fuel nearly 12 million cars and heat 25 million homes for 100 years.

ExxonMobil supports constructive dialogue to help develop public policy options that will help meet the energy challenge and result in economic growth and improved quality of life.

ExxonMobil