U.S. should lift domestic oil export restrictions, Exxon says

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon's (XOM) annual energy outlook this year has a stark message: We are entering an era of abundance, and it’s time the U.S. started exporting oil.

"We are not dealing with an era of scarcity" as was the case during the 1973 Arab oil embargo when the U.S. imposed restrictions on exporting domestic oil; "we need to rethink the regulatory scheme and the statutory scheme on the books."

XOM is increasingly optimistic about how much oil can be recovered with today’s technology, predicting 65% of the world’s crude will be untapped by 2040.

XOM forecasts global demand for gas will rise by 65% by 2040, with natural gas on track to supply 25% of global energy requirements; demand for coal will rise until 2025, but coal’s share of the global energy mix will fall from 25% today to below 20%.