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ECONOMICS -
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Exxon: America will always rely on foreign oil

Posted in the database on Thursday, February 09th, 2006 @ 06:45:27 MST (1152 views)
from ABC News  

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The United States will always rely on foreign imports of oil to feed its energy needs and should stop trying to become energy independent, a top Exxon Mobil Corp. <XOM.N> executive said on Tuesday.

"Realistically, it is simply not feasible in any time period relevant to our discussion today," Exxon Mobil Senior Vice President Stuart McGill said, referring to what he called the "misperception" that the United States can achieve energy independence.

The comments, in a speech at an energy conference in Houston, come a few days after U.S. President George W. Bush declared America was addicted to Middle Eastern oil and promised to help the country kick the habit.

Many in the United States believe America should wean itself off oil imports from the Middle East, fearing it makes the country dangerously dependent on an unstable region.

The world's largest publicly traded oil company, however, says hoping to end foreign oil imports is not only a bad idea, but also impossible.

"Americans depend upon imports to fill the gap," McGill said. "No combination of conservation measures, alternative energy sources and technological advances could realistically and economically provide a way to completely replace those imports in the short or medium term."

Instead of trying to achieve energy independence, importing nations like the U.S. should be promoting energy interdependence, McGill said.

"Because we are all contributing to and drawing from the same pool of oil, all nations — exporting and importing — are inextricably bound to one another in the energy marketplace," he said.



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