ExxonMobil Chief: US Can't Kick Oil Habit

"..industrialized world has no choice but for carbon dioxide emissions to rise in the decades ahead."

Published: 08-Jun-2004

WASHINGTON (Reuters) - The United States will have to depend on the volatile Middle East for much its oil over the next several decades, but energy companies still need drilling access to more U.S. areas closed to exploration, the head of Exxon Mobil said on Monday.

"We (Americans) do not have the resource base to be energy independent. ... We simply cannot avoid significant reliance on oil and gas from the Middle East," said Exxon Mobil chairman Lee Raymond.

In a speech to the Woodrow Wilson International Center, Raymond cited industry estimates that show 50 percent of global proven oil and gas reserves are in the Middle East, and Saudi Arabia alone holds about one in five of the world's oil barrels.



blog comments powered by Disqus