Chevron Tacitly Admitting Peak Oil, Diversifying Energy Research - BBC

[hatrack]

The world's fifth-largest oil company, Chevron, has invested $300m (£173m) a year in technology to support new energy sources, fearing oil and gas prices will continue to rise, one of the company's leading figures has told the BBC.

Peter Robertson, the oil giant's Scottish-born vice chairman, said that the company is putting the money into biodiesel and ethanol research, as it is "very important" for the long-term future of the company. "In 30 years' time, oil and gas will be Chevron's core business - 50 years, I'm not sure," he told BBC World Service's The Interview programme.

"Prices will continue to go up, and I think that technology will continue to advance. Somewhere along that road this $300m a year (that Chevron is investing in alternative energy), which will grow, will intersect with the price of gasoline, or petrol, and people will find alternatives."

EDIT

The company has been running a web discussion - called willyoujoinus.com - inviting the views of the public on energy issues such as what fuels they want to use, where their fuel is coming from and how much they want to pay for it. The home page details how many barrels of crude oil are consumed worldwide during the stay of a visitor to the site.

EDIT

http://news.bbc.co.uk/1/hi/business/4716334.stm

[Deja Q]

1. I'm willing to forgive, but why wasn't more research done years ago?

It's too easy to be retrospective and I'll admit I've been harsh.

[RufusEarl]

2. Agreed, should have been started in the 70's

If you'll remember president Jimmy Carter installed a solar panel on the whitehouse. It was symbolic of course and no one payed any attention, but as soon a Reagan took office the solar panels came down.

This country is @ 30 years behind on RD for alternative energy to replace gasoline, but hey the private sector will take care of everything right?

[glitch]

3. Chevron has been very aware of peak oil for over 20 years.

They won't get heavily into alternatives until the government (aka we the taxpayers) does all the R&D and then hands it to them on a platter.

[fed-up]

4. Our local Chevron stations recently installed solar panels n/t