Shell Oil chief: U.S. needs policy on greenhouse gas emissions

St. Louis- Touting the importance of a “culture of conservation” and investment in alternative fuels, John Hofmeister sounded less the leader of the world’s third-largest oil company as much as a speaker at an Earth Day celebration.

He said conventional oil and gas resources are no longer enough for the nation’s energy security. The energy future, he said, will include fuel derived from oil shale, gasified coal and other unconventional sources; biofuels such as ethanol from grasses, straw, corn stalks and other plant matter; wind and solar energy; hydrogen fuel cells; and conservation.
He also said the U.S. represents 8 percent of the world’s population that is using 25 percent of the energy supply. “It’s not a sustainable formula,” he said, noting that the rest of the world wants its “fair share,” too.

“The world produces 85 million barrels of oil a day and consumes 84 million barrels, with no available extra supply anywhere,” Hofmeister said.

Hofmeister said world oil selling for as little as $10 a barrel in 1998 made investment in alternative fuels not economical. But he said with oil prices upward of $60 a barrel, solar, wind and unconventional fuel projects are doable.

International Herald Tribune