Alternative energy no quick fix for world – oil execs

ST PETERSBURG, Russia (Reuters) – Alternative energy sources such as solar, wind power and biofuels will not provide the answer to global energy shortages for at least the next 10 years, major oil company executives said on Saturday. Such forms of energy are expensive to develop, despite record oil prices, and would require further research before providing a viable alternative to oil and gas, Western oil major officials said during the St Petersburg Economic Forum.

“Alternatives are not going to solve the challenges the world faces over the next decade,” Tony Hayward, chief executive of BP Plc, told a roundtable meeting during the forum.


“It’s a very important development in the long term.” Chevron Corp (CVX.N: Quote, Profile, Research) Chief Executive David O’Reilly said his company had made steps to develop alternative energy sources, but it was a very small part of its overall business.

“Despite being the largest producer of geothermal energy in the world, this comprises less than 2 percent of the company’s energy,” said O’Reilly, who heads the second-largest U.S. oil company.

Reuters