The CEO of TotalEnergies warns that the next U.S. president should not surrender America's energy dominance.

• The CEO of TotalEnergies, Patrick Pouyanne, advised the winner of the 2024 U.S. election to prioritize preserving America's energy dominance instead of jeopardizing it.
• According to the Energy Information Administration, the U.S. is the world's largest oil producer, contributing 22% to the global total.
• During this election campaign, the issue of fracking, which involves the use of large amounts of water and can harm the environment, has been frequently discussed.

The CEO of TotalEnergies, Patrick Pouyanne, advised the winner of the 2024 U.S. election to prioritize preserving America's energy dominance instead of jeopardizing it, as stated on CNBC on Monday.

The U.S. is the world's largest oil producer, contributing 22% to the global total, while Saudi Arabia follows with 11%, according to the Energy Information Administration. Most of the U.S. crude is consumed domestically, making it the largest oil consumer globally.

The U.S. energy revolution is happening, with oil production reaching unprecedented levels in the past few years.

The CEO of a French international energy firm stated that the U.S. will soon become the leader in LNG production, while currently accounting for roughly 64% of total U.S. crude oil production.

""I believe that whoever wins will prioritize the U.S. in terms of energy, as it is a significant competitive advantage for the U.S.," Pouyanne stated."

The Republican party and former President Donald Trump have long advocated for U.S. shale production, supporting deregulation of the industry and increasing drilling projects, which has garnered criticism from climate activists and many on the left.

Despite years of vocal opposition, Democratic contender and Vice President Kamala Harris has now changed her position on fracking, expressing support for the controversial oil and gas extraction process and pledging not to ban it as president.

The hydraulic fracturing process, which involves the use of large amounts of water and can harm the environment, played a crucial role in America's shale revolution, boosting the country's oil production from a low of 5.1 million barrels per day in 2008 to a high of nearly 13 million barrels per day in 2023.

""Kamala Harris has expressed support for shale oil fracking and shale gas, and I believe it's part of the game," Pouyanne stated. "I am confident that the U.S. maintains a competitive edge in energy compared to many other countries, and I expect whoever is elected to maintain this advantage," he added."

The U.S. has been able to increase its energy dominance and geopolitical strength by boosting oil and gas supplies to Europe, which has reduced its Russian imports following the invasion of Ukraine. In 2023, the U.S. supplied almost half of Europe's LNG imports, with most of that produced by shale drilling.

While President Joe Biden's administration has been more restrictive on opening new acreage for drilling, they approved a project from Alaska, according to Pouyanne.

"The TotalEnergies CEO stated, "It's more balanced than we think, and my view is 'USA first,' whoever will be president.""