The President of Shell Oil, Marvin Odum, said that “The massive energy system that we use today was built over many decades, and it cannot be replaced overnight,” according to a report from Point Carbon News (sub req’d.)
Odum spoke at the Navigating the American Carbon World conference in San Diego. He also said, “I’m confident that we will make this change, but I’m equally confident that through at least the year 2030, fossil fuels will dominate the energy mix.”
It’s incredible to think that in just 21 years we could no longer depend on oil, but with the Obama adminstration talking about new energy policies it’s entirely possible.
Of course, the Obama adminstration’s plans have Shell in the mood to complain. Odum says Shell needs “technologies that don’t exist” to hit emission reduction targets set forth by the president. Our suggestion to Shell: Invest in some off-set projects or scoop up some carbon credits, or just figure out how to cut back on emissions.
He also took the opportunity to ring the alarm bell about an impending oil spike, saying high oil prices will return “with a venegance,” when the economy pulls out of the recession. Since CNBC declared the depression dead, we guess those oil spikes are right around the corner.
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