Energy and the Economy

Oct 1, 2009

Economic Club of Washington

Rex W. Tillerson, chairman and CEO of Exxon Mobil, delivered remarks on the energy industry’s contributions to the U.S. economy and energy policies.
Rex W. Tillerson, chairman and CEO of Exxon Mobil, delivered remarks on the energy industry’s contributions to the U.S. economy and energy policies.

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TRANSCRIPT

TIME SPEAKER TEXT
00:00:31 Unidentified Speaker WE'RE GOING TO START WITH OUR PROGRAM NOW. IF EVERYONE COULD PLEASE TAKE THEIR SEATS. I SAID EARLIER...
00:04:06 Unidentified Speaker THANK YOU, DAVID. IT IS MY PRIVILEGE TO BE HERE TONIGHT TO SPEAK WITH ALL OF YOU. I DID A LITTLE...
00:36:21 Unidentified Speaker IF PEOPLE CAN FORWARD UP SOME QUESTIONS, REX WILL ANSWER SOME QUESTIONS DIRECTLY FOR -- FROM THE AUDIENCE....
00:36:41 Unidentified Speaker WII HAS BEEN ENGAGED IN DISCUSSIONS WITH ANYONE WHO WILL LISTEN TO WES BOTH ON THE HILL AS WELL AS...
00:39:26 Unidentified Speaker IS ALL ABOUT KEEPING IT SIMPLE, TRANSPARENT. I THINK PEOPLE MAKE GOOD CHOICES WHEN THEY UNDERSTAND...
00:39:37 Unidentified Speaker WHEN OIL PRICES GO UP, IT SEEMS THAT IT IS RECOGNIZED PRETTY QUICKLY. WHEN OIL PRICES GO DOWN, THERE...
00:39:56 Unidentified Speaker THAT IS THE MARKET. ALL THE GASOLINE PRICES YOU SEE ARE BY AND LARGE OF FUNCTION OF A COMPETITIVE...
00:41:32 Unidentified Speaker OK. WE HAVE HAD A DEBATE IN OUR COUNTRY ABOUT THE NEED TO REDUCE FOREIGN OIL. THE GREAT OIL SHOCK...
00:41:55 Unidentified Speaker IT HAS ALWAYS BEEN A PERPLEXING QUESTION TO ME, BECAUSE MY AUTOMOBILE DOES NOT KNOW WHERE THE BARREL...
00:42:30 Unidentified Speaker ARE YOU ASKING ME? [LAUGHTER] [APPLAUSE] IF I CAN GET 20% INTEREST ON IT, IS OK. [LAUGHTER]
00:42:45 Unidentified Speaker I THINK THE REAL DEBATE AND ISSUE OUGHT TO BE, HOW DOES THAT MANIFEST ITSELF IN ENERGY SECURITY? ...
00:44:28 Unidentified Speaker I DO NOT KNOW IF YOU HAD AN OPPORTUNITY TO TALK TO FORMER GOV. PALIN ABOUT ENERGY, BUT DO YOU SEE...
00:44:50 Unidentified Speaker I DO NOT KNOW IF THERE WILL EVER BE OIL PRODUCED IF THEY LET US DRILL TOMORROW, BECAUSE I DO NOT KNOW...
00:47:55 Unidentified Speaker LET ME ASK YOU, FOR OUR GUESTS WHO MIGHT HAVE EXTRA MONEY TO INVEST IN THE STOCK MARKET OR ELSEWHERE,...
00:48:12 Unidentified Speaker I WOULD SAY JUST RUN AN OIL COMPANY. [LAUGHTER]
00:48:18 Unidentified Speaker GO AHEAD. BEFORE YOU CEO, THE EXXON VALDEZ -- BEFORE YOU BECAME CEO, THE EXXON VALDEZ BECAME A PROBLEM....
00:48:40 Unidentified Speaker THE EXXON VALDEZ WAS A NATIONAL MISTAKE TRAGEDY, BUT IT WAS ALSO AN EXTRAORDINARILY EMOTIONAL EVENT...
00:50:50 Unidentified Speaker ANOTHER QUESTION IS -- BE FOREIGN CORRUPT PRACTICES ACT -- WHEN YOU ARE COMPETING AROUND WORLD, IS...
00:51:07 Unidentified Speaker LET ME THINK ABOUT HOW TO ANSWER THIS QUESTION EXACTLY. [LAUGHTER] IT IS IRRELEVANT BECAUSE IT IS ...
00:52:42 Unidentified Speaker THERE ARE SOME MICROPHONES FLOATING AROUND. ANYONE HAVE ANY QUESTIONS? ANYBODY? THERE MUST BE SOME...
00:52:49 Unidentified Speaker THE ONE IN THE BACK?
00:52:51 Unidentified Speaker SORRY. IN THE BACK?
00:52:53 Unidentified Speaker SOMEONE IS WAITING IN THE BACK.
00:53:03 Unidentified Speaker HELLO, AND I AM DAN WHITMAN WITH BLOOMBERG NEWS. I WONDER IF THEY WILL LET US IN HERE. [LAUGHTER]...
00:53:13 Unidentified Speaker DID THEY LET YOU IN? [LAUGHTER]
00:53:17 Unidentified Speaker YOU DO NOT HAVE TO WORRY ABOUT IT.
00:53:20 Unidentified Speaker I JUST WANT TO MAKE SURE THEY ARE NOT GOING EASY ON YOU.
00:53:24 Unidentified Speaker SOME SENATORS CAME OUT WITH THEIR BILL YESTERDAY. THE EPA JUST CAME OUT WITH THEIR RULES. I WONDER...
00:53:40 Unidentified Speaker I WILL BE HONEST WITH YOU. I HAVE NOT HAD A CHANCE TO READ IN DETAIL THE CARRY BOXER BILL. FOLLOW...
00:55:44 Unidentified Speaker WE HAVE NOT BUILT A REFINERY IN DECADES. THE THING THAT IS POSSIBLE OR IS IT NOT WORTH PURSUING ANY...
00:58:45 Unidentified Speaker WHEN YOU ARE DRIVING ALONG IN TO STOP ANY GASOLINE AND YOU STOP AT AN EXXON STATION, DO YOU EVER TELL...
00:58:56 Unidentified Speaker I DO NOT WANT TO GIVE THEM A HEART ATTACK. WHAT I HAVE LEARNED IS AS SOON AS I WALKED IN, AND OCCASIONALLY...
00:59:18 Unidentified Speaker ONE MORE QUESTION. [UNINTELLIGIBLE]
00:59:29 Unidentified Speaker OPEC TODAY, AS YOU KNOW, THEY HAVE HAD A CURTAILMENT IN PLACE FOR ABOUT A YEAR AND A HALF. THE COMPLIANCE...
01:01:34 Unidentified Speaker OK. THANK YOU, REX. APPRECIATE IT VERY MUCH. [APPLAUSE] THANK YOU VERY MUCH. APPRECIATE IT. VERY...

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

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