Chevron Chairman's Open Letter on Peak Oil

It took us 125 years to use the first trillion barrels of oil.

We'll use the next trillion in 30.

So why should you care?

Published: 15-Jul-2005

David J. O'Reilly
Chairman & CEO
Chevron Corporation

Energy will be one of the defining issues of this century. One thing is
clear: the era of easy oil is over. What we all do next will determine How
well we meet the energy needs of the entire world in this century and
beyond.

Demand is soaring like never before. As populations grow and economies take
off, millions in the developing world are enjoying the benefits of a
lifestyle that requires increasing amounts of energy. In fact, some say that
in 20 years the world will consume 40% more oil than it does today. At the
same time, many of the world's oil and gas fields are maturing. And new
energy discoveries are mainly occurring in places where resources are
difficult to extract, physically, economically and even politically. When
growing demand meets tighter supplies, the result is more competition for
the same resources.

We can wait until a crisis forces us to do something. Or we can commit to
working together, and start by asking the tough questions: How do we meet
the energy needs of the developing world and those of industrialized
nations? What role will renewables and alternative energies play? What is
the best way to protect our environment? How do we accelerate our
conservation efforts? Whatever actions we take, we must look not just to
next year, but to the next 50 years.

At Chevron, we believe that innovation, collaboration and conservation are
the cornerstones on which to build this new world. We cannot do this alone.
Corporations, governments and every citizen of this planet must be part of
the solution as surely as they are part of the problem. We call upon
scientists and educators, politicians and policy-makers, environmentalists,
leaders of industry and each one of you to be part of reshaping the next era
Of energy.

Signed,

Dave

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