TotalEnergies CEO urges next US president to prioritize energy dominance amid 2024 election

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Written on Nov 4, 2024

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Patrick Pouyanne's comments come just one day before the 2024 US general election.
Both Trump and Harris have made statements in favor of oil and gas.
WTI crude is hovering around $70 ahead of the US elections 2024.

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TotalEnergies SE CEO Patrick Pouyanne urged the next US president not to risk the country’s energy dominance on Monday, stressing that the US position in global energy markets is pivotal.

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“US energy has been unleashed. Production of oil has never been so high … the US shale revolution is in full swing,” he stated in an interview with CNBC.

His comments come just one day before the 2024 US general election, though the official results could take days or weeks.

US leadership in global energy markets

The US is currently the world’s top oil producer, contributing roughly 22% of global output, according to the Energy Information Administration.

Pouyanne added that the US is on track to lead in liquefied natural gas (LNG) production as well.

Energy, he noted, is a “big competitive advantage for the United States,” and whoever wins the presidency is likely to prioritize the country’s energy interests.

The U.S. supplied nearly 50% of Europe’s LNG needs last year, especially after Russian imports dropped following the Ukraine conflict in 2022.

In comparison, the second-largest oil producer, Saudi Arabia, accounts for about 11% of global output.

With West Texas Intermediate (WTI) crude trading near $70 a barrel ahead of the 2024 election, the state of US energy markets is highly relevant to voters and policymakers alike.

Trump vs. Harris on energy policy

Patrick Pouyanne highlighted that both presidential candidates—Donald Trump and Kamala Harris—have expressed support for maintaining US energy strength.

Trump, a longtime advocate of US shale, is expected to push for expanding drilling projects and deregulating the industry if he wins on November 5.

Meanwhile, Kamala Harris has softened her opposition to fracking, confirming in August that she does not intend to ban the practice if elected president.

Earlier in the year, JPMorgan predicted WTI crude could hit $100 per barrel by 2025 as incentives for production slow.

Brent crude may also top $100, particularly with rising geopolitical tensions between Iran and Israel, according to Bob McNally, former White House energy advisor and founder of Rapidan Energy.

With global demand, market stability, and geopolitical factors in play, Pouyanne’s call for protecting US energy advantages highlights the importance of energy strategy under the next administration.