Oil and the Future
John Hess the CEO of the Hess Oil Company addressed the Oil and Money Conference in late 2009. In this presentation he identifies our energy and environmental challenges ahead. He anticipates a massive energy shock that he believes will devastate economic recovery. Global demand for energy is growing at a phenomenal rate as the non-developed countries come on-line. While he argues there are plenty of oil reserves there is not the production capacity to meet the huge demand. There is a large lead time to build the capacity.
It is refreshing for an oil company leader to argue for the need for better conservation in our buildings (40% of our energy consumption) and for new mileage standards (50 mpg). He acknowledges the huge impact the United States has on hydrocarbon emissions (4% of population yet 26% of CO2 emissions). He believes we should tax gas heavily, like Europe, to encourage conservation.
It is a short article, worth reading.