Ex-Chevron CEO sees oil imports continuing
The former CEO of San Ramon-based Chevron, David O'Reilly, believes the United States will be importing oil for at least the next two decades despite a recent surge in domestic production from newly developed shale basins.
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#1 Jun 16, 2012
""I do believe that we will still be importing oil 20 to 25 years from now, and that is the one area of vulnerability we have in our supply system," said O'Reilly, now chairman of the National Petroleum Council. O'Reilly made the comments at an energy policy conference at Stanford.""
The 150 year old oil industry would not be the type of business to adopt the "B Corporation" mentality. If China or India or any other country will pay more per barrel of crude, then it will in large part be shipped elsewhere and not sold in this country. As part of the National Petroleum Council,O'Reilly is telling us what the 25 year projected agenda of the council is, continue to import oil, since many large oil companies are extracting oil products from other countries, they still get to sell their product here even if it is imported. As long as we are depending on a "mined" product instead of a "generated product", the oil companies will be able to shuffle assets and product extraction to gain the largest monetary gain in the work input to get the product out of the ground.
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