Exxon CEO Rex Tillerson said it is realistic to expect the U.S. to achieve energy "self sufficiency" by the end of the decade, CNBC reports.
Tillerson purposely used the verbiage of "self sufficient" as opposed to "energy independence," explaining the terms imply different things.
Recent increases of domestic crude oil and natural gas production make the the goal attainable, Tiller explained.
With respect to China, Tiller told CNBC reporter Sri Jegarajah the communist state does have larger shale reserves than the U.S. However, geological issues may make it exceedingly difficult for China to access the energy in a cost effective manner.
"Most of these formations are buried much deeper than they are in America. Many of them are in remote areas where there isn't infrastructure to support their development and some in areas where there isn't a lot of water available. Shale gas is extracted by a high-volume hydraulicfracturing (fracking) process that requires large volumes of water."
Tillerson concluded the resources will eventually be developed, but most likely at a slower pace.