The “Hard Truths” About Oil

Jul 18, 2007 5:49pm

This may come as a surprise: some of America’s biggest oil producers are calling for–take a deep breath now–oil conservation. "The world is not running out of energy resources," says a report chaired by executives of some of the world’s largest oil companies,"but many complex challenges could keep the world’s diverse energy resources from becoming the sufficient, reliable, and economic energy supplies upon which people depend." The report was put together by the National Petroleum Council at the request of the Energy Department; you can find a summary HERE.  Its title: "Facing the Hard Truths about Energy: A Comprehensive View to 2030 of Global Oil and Natural Gas."  It urges, among other goals:  –Increased energy efficiency. –More energy production from a variety of sources, including "clean coal, nuclear, biomass, other renewables, and unconventional oil and natural gas…." –Better laws to advance "carbon capture and sequestration"–ways to reduce carbon dioxide emissions.  The report favors "establishment of a transparent, predictable, economy-wide cost for CO2 emissions." It also calls for more domestic oil and gas production to control imports, but energy suppliers have long agreed on that. We’re told the report, 422 pages long, took 18 months of work, and involved more than 350 people from different organizations, mostly outside the oil and gas industry. But some of the people in charge were big names there: Lee Raymond, the retired CEO of ExxonMobil; David J. O’Reilly, the Chairman and CEO of Chevron; and Andrew Gould, the CEO of Schlumberger Ltd., the oil-services company.  There were non-oil people as well, such as Daniel Yergin, head of Cambridge Energy Research Associates, and Pulitzer-prize winning author of "The Prize," a major history of oil. One might not think of these folks as calling for conservation or a carbon tax…but they did. Thanks to Carrie McGourty of our staff for the information.

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