Do countries with large energy endowments attract energy-intensive firms? We study the role of energy in comparative advantages. Indeed, we find that energy abundant countries have higher export shares for energy intensive sectors and higher economic activity in these sectors. We deploy an unbalanced panel with 14 high-income countries from Europe, America and Asia, and 10 broad sectors, from 1970 to 1997. The data also show that countries with large energy endowments tend to have low energy prices, are more energyintensive within sectors, and have a high level of aggregate energy embodied in exports relative to imports.