Fossil Fuels Predicted to Continue for Next 100 Years

 

Exxon Mobil CEO Rex Tillerson said fossil fuels will continue to supply the dominant portion of the world’s energy needs until 2030 and beyond, according to the Wall Street Journal.

 

Tillerson spoke at at the oil giant’s annual meeting, and assured attendees that despite progress in biofuels, wind and solar, the world may not move significantly beyond coal, natural gas and crude oil for another 100 years.

 

According to the Fort-Worth Star Telegram, Tillerson also noted  that U.S. gasoline consumption has probably peaked and will slowly decline as a result of increased fuel economy and a growing reliance on low-sulfur diesel fuel. But, he said the world isn’t anywhere close to reaching “peak oil,” which would be where oil production crests and begins an irreversible decline as a result of dwindling petroleum deposits.

 

Tillerson added that the company continues to support exploration of the Arctic National Wildlife Refuge, according to the Wall Street Journal.

 

Shareholder Fr. Michael Crosby pointed out that recent models by the Massachusetts Institute of Technology showed global warming may be happening more quickly than previously projected. “Exxon Mobil should put a warning on gas pumps about the risks associated with continued use of fossil fuels,” he said

 

 

 

 

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