Oil CEO Calls for Energy Security Plan

WASHINGTON – The U.S. risks losing its competitive edge in a global economy if it does not soon address the country’s energy needs, climate change and foreign policy in a comprehensive way, the chief executive of Marathon Oil said Friday.

Clarence P. Cazalot Jr., president and CEO of Marathon Oil Corp., said that as worldwide demand for fossil fuels rises, the country’s biggest challenge is dealing with these and other related issues underlying U.S. “energy security,” or lack thereof.
Cazalot spoke on a panel about how the U.S. economy must adapt to remain competitive in the global economy.

Richard McCormack, vice chairman of Merrill Lynch & Co. LLC, said the U.S. needs to get its deficit under control, and start using and exporting more homemade products.

The budget deficit dropped to $162.8 billion in 2007, an $85 billion improvement over last year, and the Commerce Department recently reported that the trade deficit declined to $57.6 billion in August, down 2.4 percent from July.

James Hagedorn, chairman and CEO of lawn and garden product maker Scotts Miracle-Gro Co., agreed that debt was a major problem and said the “government needs to leave business alone to do its thing.”

“There’s no leadership in this town,” Hagedorn said during the panel discussion sponsored by the Council of Competitiveness.

CNBC