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Thursday, October 30, 2008

ConocoPhillips' chief calls for long-range energy policy

From an article by Tom Content in the Milwaukee Journal Sentinel:
James Mulva, head of the nation's third-largest oil company, said it's time for politicians to develop an energy policy that addresses both energy security and climate change.

Mulva, a native of De Pere who is chairman and chief executive of ConocoPhillips, said the economic crisis has resulted in an unexpectedly rapid drop in oil and gasoline prices that serves as a "temporary timeout" in a longer-term trend of rising demand for energy.

The economic crisis is resulting in flattening or dropping demand for energy.

"But our experts tell us that this represents really a temporary timeout in what we see as a global competition for development of energy around the world," Mulva told more than 400 students and businesspeople Wednesday at the Marquette University Business Leaders Forum.

"When this happens the energy market will tighten. But this timeout does not extend to climate change. Global warming continues," he said.

The time will be ripe for a new president and Congress to address energy and climate issues, but Mulva said economic concerns and restoration of stability to financial markets will and should remain government's first priority.

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