Transcript: Rex Tillerson, ExxonMobil CEO

CHARLES GIBSON: So is it fair to say -- I don't mean to put words in your mouth -- fair to say that you don't think much of either the Obama energy policy or the McCain energy policy?

REX TILLERSON: Well, I think they both have elements of what could be a successful long-term strategy for this country.

But, again, the -- I think the real challenges are we -- are policymakers going to put in place all of the elements, which means that there is no one solution, and so there can be no one winner and one loser -- whether there has to be an accommodation of all of the options that are available, and then put those in place and stick with them through good times and bad times.

CHARLES GIBSON: So in this universal approach that needs to be taken -- the Tillerson policy here -- what's your energy policy been?

REX TILLERSON: Well, first it -- it does -- it starts with a real emphasis on energy efficiency. That's the easiest form of energy to create. The quickest is to use less. And now you've freed up another barrel of oil to be used elsewhere.

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?

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