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Page added on August 29, 2007

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Black-Gold Booster

Energy’s Future: A onetime oilman admits we need alternatives, but says there’s plenty of petroleum left.

Lee Raymond succeeded as an oilman by staying focused on oil. (In the mid-1980s, he was responsible for unwinding the alternative-energy program at his former company, Exxon.) Now chairman of the National Petroleum Council, Raymond says that petroleum remains plentiful, and a new report he’s prepared for the Bush administration argues for developing new sources of oil and gas. But the report also advocates moderating demand, especially by raising fuel efficiency in cars. As for global warming? Raymond, who is also chair of President Bush’s alternative-energy committee, says, “No comment.” He spoke to NEWSWEEK’s Fareed Zakaria.
ZAKARIA: You’ve given the impression that you’re somewhat skeptical about global warming. In the last year or two, have you changed your views?

RAYMOND: Frankly, if the conversation is going to be largely focused on global warming, that’s not really where I’m going to go. The National Petroleum Council’s study says, on the question of global warming, if policymakers conclude that actions should be taken, that would force, likely, a change in the energy mix and would force higher costs of energy.


How should we think about petroleum, in light of the two most common arguments



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