ChevronTexaco CEO Says Era of Cheap Oil Ending (Peak Oil) [View All]

[cthrumatrix]

ChevronTexaco CEO Says Era of Cheap Oil Ending

USA: February 16, 2005


HOUSTON - Roaring demand for energy from Asia coupled with difficulties in accessing oil reserves has resulted in a new energy equation where the days of cheap oil and even cheaper natural gas are numbered, the head of ChevronTexaco Corp. said on Tuesday.


Oil prices have shot up dramatically in the past year thanks to tight supplies and rising demand, prompting a growing crowd within the energy industry to ponder whether sky-high oil prices are here to stay.
"The time when we could count on cheap oil and even cheaper natural gas is clearly ending," Dave O'Reilly, chief executive of ChevronTexaco, told a Cambridge Energy Research Associates energy conference.

Demand from Asia, in particular, has been a large factor, he said.

"The new Asian demand is reshaping the marketplace -- and we're seeing the center of gravity of petroleum markets shift to Asia, and in particular to China and India," he said.

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http://www.planetark.com/dailynewsstory.cfm/newsid/29567/story.htm

Good thing shrubby has an alternative energy plan cooking !