Transcript: Rex Tillerson, ExxonMobil CEO

REX TILLERSON: No, that's true, Charlie. We are going to continue to require imports of our energy for as long as anyone can foresee, certainly well into the middle of this century. And that's why I think it's important that we take a thoughtful approach as to how we want to manage those future energy supplies. But, certainly, anything that we produce at home does relieve the pressure for those imports in the future. So it's not that that is unimportant by any means. Again, our sources of supply around the world are from many different countries. And I think it's important that we maintain the diversity of supply to manage that energy security of the future.

CHARLES GIBSON: But that makes Americans quite upset, the idea that we're -- first of all, that we're sending that much money overseas; and, secondly, that we have to be dependent on oil-producing nations. But let me come back to what he's saying. Is that even in the realm of possibility that you can eliminate in 10 years the need for -- may it be limited -- Saudi Arabian and Venezuelan oil?

REX TILLERSON: I think it's going to be very challenging to achieve that goal, Charlie, in that period of time. And, again, so much of the energy issue that the United States deals with and the world deals with, people I think do not have an appreciation for the lead times that are required. The energy complex is enormous. And when you talk about the kinds of numbers that you're talking about, it takes a number of years to replace those supplies, to bring new supplies on. And it would certainly take a number of years on scale to be changing out crude oil for something else.

CHARLES GIBSON: John McCain, for his part -- it's become a mantra for him: Drill now, drill here, drill immediately. Is that any kind of a solution?

REX TILLERSON: Well, it's part of a solution. Again, I think this whole debate around someone looking for the solution is not a sensible approach. As I've pointed out, we really have to attack this problem from both sides, emphasize energy efficiency to reduce our demand, or certainly reduce the growth of our demand. And we've been very good at that in this country. Our energy intensity for GDP of output is really quite efficient. And we have a track record of continuing to improve that. And we should continue to emphasize that in the future.

And then, on the supply side, we really should be developing all the supplies that are available to us regardless of whether they come on tomorrow or they come on 10 years from now. They're going to be important, because we're going to continue to need those.

CHARLES GIBSON: T. Boone Pickens is a fellow who made a considerable dollar in your business. He says this is not a problem in any way that we can drill our way out of. Correct?

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