Speaking at the Cambridge Energy Research Associates (CERA) meeting in Cambridge, MA., ARCO CEO Mike Bowlin said the world is entering “the last days of the Age of Oil.” Bowlin listed increasing problems with smog and a growing perception that fossil fuels are to blame for much of the world’s environmental problems, as two of the reasons for the change to new energy sources.
“Ten or fifteen years from now there still will be a large and healthy market for oil – of course. But it is also true that the market share for oil will diminish, as the demand for other forms of energy grows.”
Bowlin said, “The energy equations of the 21st Century, focusing on alternative fuels, will leave oil and gas companies with a critical choice: embrace the future and recognize the growing demand for a wide array of fuels or ignore reality and slowly – but surely – be left behind.”
Full text of speech: http://www.arco.com/spark/1999-02Cambridge/index.html
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