Wednesday, June 17, 2009

Conoco Chief Says Replacing Oil May Take a Century. And: Oil Prices Ahead of Fundamentals (COP)

From R-Squared Energy blog:
My former CEO Jim Mulva spoke today at the National Summit in Detroit, and had some newsworthy comments. Bloomberg reported on his talk:

Conoco Chief Says Replacing Oil May Take a Century

June 16 (Bloomberg) -- ConocoPhillips, the third-largest U.S. oil company, said it may take a century for the nation to replace fossil fuels with alternative energy sources.
I don't know of too many people who think we have a century's worth of oil left. Natural gas and coal? I also seriously doubt we have that much of either of those, especially allowing for economic growth. What I think this means - in any case - is that we have some potentially difficult times in front of us. However, Mulva went on to give his prescription for preempting some of those difficulties...MORE
R-Squared has the link to Mr. Mulva's thinking on prices in the same post.