Thursday, December 11, 2008

Oil Execs on the Future of Energy Costs

Reported at the Environmental Leader

See the graphic below. The study was based on in-depth phone interviews with more than 50 oil and gas professionals, most holding C-Suite positions at petroleum companies with annual revenues of $100 million or more.

Of note to me. The low number of petroleum executives that believe petroleum is a sustainable energy source. I would really like to know what the motivation for this answer would be. The environmental sense of "sustainable" in reference to CO2 and impact on the environment or the actual long term production (meaning that they can sustainable keep pumping oil out of the ground keeping up with the actual demand for the product).

Usually when oil and gas people talk about sustainability they talk about actual production. Sustainable production is keeping up with demand. So they usually refer to petroleum as a sustainable fuel. Contrast this with environmentalists who refer to "sustainable" as meaning little or no impact on the environment.

I also see this as an interesting contrast with the feelings about US energy independence. If Oil is not sustainable what would be there belief for energy independence? I would assume biofuels development or maybe just something else (those in energy tend to look at technology as an open ended box of hope).

Are these execs saying 'it'll all work out some how' or do they have a consensus inside the industry about an expected future for US energy.

No comments: