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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: kryptonic6	2/19/2005 5:07:40 PM
	of 1183

Exxon Chief Warns of "Reality Check" Steve Hawkes, Evening Standard, 18 February 2005 ------------------- "Even with an expected rapid growth rate for wind and solar energy - driven in large measure by public subsidies, I might add - their contribution to global energy will still be in the 1% range in 2030.'" -------------------- LEE Raymond, head of US oil giant Exxon-Mobil and bete-noire of environmentalists, has warned European governments they may need to take a 'reality check' in their efforts to prevent global warming. His comments came hours after Greenpeace protesters staged a protest at the International Petroleum Exchange that led to a mass brawl on the trading floor. In a speech that did little to appease the sea of Greenpeace protesters who also gathered outside the Grosvenor Hotel in London last night, Raymond said that attaining targets laid down by the Kyoto protocol was 'going to be very challenging given the energy supply and demand realities'. The American, guest of honour at the Institute of Petroleum's annual dinner, added that oil would play a pivotal role in meeting the world's energy needs for years to come. By 2030, he said, a population boom and increasing economic prosperity meant global energy needs were likely to be 100m barrels a day higher than today - ten times the current output of Saudi Arabia. He said: 'Even with an expected rapid growth rate for wind and solar energy - driven in large measure by public subsidies, I might add - their contribution to global energy will still be in the 1% range in 2030.' Greenpeace climate campaigner Emily Armistead said it was disgraceful that on the day the Kyoto agreement had been struck, the oil industry was toasting 'the number one climate criminal'. Two protesters managed to interrupt Raymond's speech before being forced out by security guards. thisislondon.co.uk

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