Transcript: Rex Tillerson, ExxonMobil CEO

And, again, I think, you know, we are taking a lot of steps to continue our energy efficiency in this country. And we at -- in our company at ExxonMobil have taken a number of technology steps to provide ways for consumers to use energy more efficiently.

The second element of the policy, then, is to develop all the supply options available to us. Oil, natural gas and coal, whether people may like that or not, are the dominant source of supply today.

And 30 years from now, by anyone's forecast you want to examine, they will continue to be the dominant source of energy.

So we cannot say we're going to opt for an alternative elsewhere at the expense of oil and natural gas, because oil and natural gas are going to take us to that future.

Then we begin to examine and evaluate other alternative sources of energy, replacement fuels, renewable fuels. We're going to have to bring nuclear back onto the table in this country, because it's too important for power generation.

And the last element of this, obviously, is how do we do all of this and accommodate the serious environmental concerns that the country and the world has with our use of energy.

And that is all going to be enabled through technology. And it's technology on the supply side, such as technologies that we've been developing in finding new oil and gas resources, to energy efficiency technologies like we've been developing, to technologies that will allow us to deal with the car emissions.

We're investing $100 million in a pilot plan this year to examine a new technology to separate CO2 from gas streams, which we hope will hold promise for CO2 capture and sequestration in the future.

So the policy has to accommodate all of those requirements that we as a society need and that we're going to have to have for decades ahead.

CHARLES GIBSON: When you talk that way, you're essentially saying Exxon is not -- ExxonMobil is not a oil company; it's an energy company.

REX TILLERSON: Well, we've always talked about ourselves as an energy company, but let me be clear, too, Charlie. The most important energy source that we provide the world today is oil and natural gas.

CHARLES GIBSON: Understood. But to be ahead of the curve in the world, and where we're going in the kind of conservation you're talking about, shouldn't the investments that you're making in alternative energy be a heck of a lot bigger than they are now?

REX TILLERSON: Well, in alternative energy sources, we are investing in a lot of technology development. We have looked at all of the currently available technologies to develop and produce biofuels, solar, wind, and a lot of those technologies that are in use today and being deployed are fairly mature.

So for ExxonMobil to make a meaningful difference, we've really got to find a way to change those technologies to provide those alternative forms of energy on a much larger scale and at a cost that people can afford.

It doesn't do the consumer a lot of good to substitute an alternative fuel that costs $5 for gasoline that costs $4. And so what we're expending a lot of our efforts on are next generation of biofuel technologies, ways to produce solar more efficiently in the future to bring that cost down, and that's where a lot of our research activities are devoted.

And we're supporting a lot of external research activities through academic institutions to look for these kinds of breakthroughs.

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