A system and method are provided for reducing the energy consumed by a pump jack electric motor by reducing the supply voltage to the motor when the motor would be generating energy in open loop mode. By substantially eliminating the energy generation mode, the braking action of the utility grid in limiting the acceleration of the motor and system that would otherwise occur is substantially removed. The motor and system will speed up, allowing the natural kinetic energy of the cyclic motion to perform part of the pumping action.