“We’ve all been reading and hearing about peak oil—that there is a fixed amount of crude oil in the earth, and we have by now extracted so much that the supply will soon pass the point of diminishing return, if it already hasn’t. Some deny it, some shrug it off, but once we get past the knee-jerk reactions, the real story is more complex.
Since 1995, John B. Hess has been chairman and CEO of Hess Corp., a global player in oil and gas exploration and production with 2008 sales of more than $42 billion. That qualifies him as a real oilman, but don’t rush to judgment.
On Oct. 21, Hess spoke at the Oil & Money Conference, and here’s how he concluded his talk: “What kind of world do we want to leave to our children? If we do nothing, there will be severe consequences. Skyrocketing prices could become a way of life in a crisis-led world.” But he’s not fomenting panic by any means.”
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