The Trouble with Crude Oil

The U.S. needs a decisive federal strategy on energy, with greater research, ConocoPhillips CEO James Mulva says

Fretting about climate change, calling for conservation, and making fuel from animal fats

To ensure U.S. oil companies can compete, Mulva says, Washington must step forward with a robust new policy (BusinessWeek.com, 6/28/07) that guides energy production and consumption. He says it should consist of four main parts: developing new energy sources, conservation, increased government investment in energy technology, and federal regulation of carbon emissions.

Eroding Income from Refining

The emphasis on environmental sustainability stands in sharp contrast to some other prominent voices in the energy field. ExxonMobil (XOM) CEO Rex Tillerson says U.S. energy policy should focus on loosening access to domestic supplies of oil, an effort that has been marked by fierce political fights over opening the Alaskan Arctic and portions of the Gulf of Mexico near Florida. Exxon’s former CEO Lee Raymond became known for casting doubt on the science behind climate change. And Shell CEO Jeroen van der Veer has similarly expressed skepticism about claims that the energy future lies in alternatives and renewables, arguing these sources could provide no more than 30% of the world’s energy supply.

BusinessWeek