This is what the Exxon CEO said, according to Dow Jones:
AUSTIN, Texas -(Dow Jones)- The world will depend on fossil fuels such as oil and gas to meet the majority of its energy needs well into the middle of this century, Exxon Mobil Corp. (XOM) Chief Executive Rex Tillerson said Thursday.
"We will need oil, natural gas and coal," as well as nuclear power and new alternative energy sources to quench a growing demand for energy, Tillerson said at a conference in Austin.
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I don't see why anyone would take comfort from his words. The predominance of fossil fuels will be due to a lack of adequate alternatives rather than from a growing, or even a flat, supply of fossil fuels. Because alternative energy sources can't ramp up to replace fossil fuels, it's a no-brainer fossil fuels will remain the majority of energy supply in the future.
Exxon's CEO is being very careful with his words so as to give the impression there is not a crisis looming for the world.
It appears to me you're missing the point regarding Peak Oil. The human body requires a certain amount of water consumption to live. Deprive the body of larger and larger amounts of water, the body suffers more and more. At some point, the human body will die if its water requirement is not met. The same is true for the world economy and the supply of oil. When the world requires 85 million barrels of oil a day to function properly and that amount is reduced more and more, the world economy suffers accordingly. Mass unemployment and hunger grow and grow.
Just look at the present economic circumstances of the world. Europe has a chronic debt crisis, the US has a large debt, the States are struggling to balance their budgets, over 40 million Americans are on food stamps, and millions are unemployed. Despite all the economic stimulus by world governments, the economic situation is not improving.
The point is the centuries old economic model of growth is broken. It's broken because the world doesn't have an increasing oil supply. Therefore, if we, as humanity, want to survive in this new world, a new way of living and working has to be constructed before oil supplies start to decline and it's too late. |
