As the 2024 U.S. presidential election approaches, TotalEnergies CEO Patrick Pouyanne has voiced strong support for maintaining America’s energy dominance, urging whoever wins the election to prioritize this critical sector. In an interview with CNBC at the annual Adipec oil conference in Abu Dhabi, Pouyanne highlighted the U.S.'s significant role in the global oil market, stating, “U.S. energy has been unleashed. In fact, when you look to what happened since the last two, three years, production of oil has never been so high ... [the] revolution of U.S. shale is really taking place.”

According to the Energy Information Administration, the U.S. produces 22% of the world’s oil, followed by Saudi Arabia at 11%. The vast majority of U.S. crude oil production, which has reached historic highs, is sourced from shale, accounting for approximately 64% of total output. Pouyanne expressed confidence that the U.S. is on track to become the number one producer of liquefied natural gas (LNG) as well, marking a significant competitive advantage in the energy sector.

The political landscape around energy production is complex, with former President Donald Trump and the Republican party traditionally supporting the expansion of U.S. shale production through deregulation and increased drilling activities. This approach has faced opposition from climate activists and many progressive figures.

In a notable shift, Vice President Kamala Harris has recently modified her position on hydraulic fracturing, commonly known as fracking. Once a vocal critic, she now states her support for the practice, which has been instrumental in fueling the U.S. shale boom and boosting oil production from a low of 5.1 million barrels per day in 2008 to nearly 13 million barrels per day in 2023.

“Kamala Harris has declared that she’s supportive of shale oil fracking and shale gas. So I think it’s part of the game,” Pouyanne noted. “Today, the U.S. has a clear competitive advantage on energy compared to many other parts of the world. So I would be surprised to see whoever is elected lose that competitive edge.”

The implications of U.S. energy dominance extend beyond domestic production, influencing the nation’s geopolitical strength. The U.S. has significantly increased its oil and gas exports to Europe, especially as the continent seeks alternatives to Russian imports following the invasion of Ukraine. In 2023, the U.S. supplied nearly half of Europe’s LNG imports, a feat largely enabled by shale drilling.

While acknowledging that the Biden administration has been more restrictive regarding new drilling permits, Pouyanne pointed out that the administration has also approved significant projects, such as one in Alaska, suggesting a more balanced approach than some critics portray. “So, I mean, it’s more balanced than we think,” he commented. “And my view is that, again: ‘USA first,’ whoever will be president.”

As the election draws near, the discussion around energy policy remains a crucial element of the political discourse, with potential implications for both the economy and international relations.

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