Shell & Peak Oil

Shell CEO Peter Voser, addressing an audience at The Wall Street Journal’s ECO:nomics conference in Santa Barbara, Calif., answered a question about peak oil:

…despite developments in technologies such as electric cars, wind power and other alternative energy sources, “we will need conventional oil” for the foreseeable future.

“We cannot switch it off, and we can make it lower-carbon.”

“I think what is dead is cheap oil,” Voser said, adding, “There is sufficient oil around,” but producers “will have to spend more to get it. … And I think you’ll see that in the end price for consumers.”

He also spoke highly of natural gas.

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