Survey: Oil will lose position as world’s cheapest energy source
A Deloitte Consulting survey released on Wednesday found that 3 out of 4 energy executives believe that oil and natural gas will lose the top ranking as the world’s cheapest energy sources within 25 years.
Additionally, just over 50% of those surveyed believe that the US could run out of reasonably priced oil within that time period, and that the world would run out of reasonably priced oil within 50 years.
And giving credence to the Pickens Plan, the majority also felt that natural gas was the most promising alternative to petroleum for transportation needs. Only 30% felt electric plug-ins were the most promising alternative.
Gary Adams, vice chairman of oil and gas at Deloitte, noted, “Clearly, the oil and gas professionals involved in our survey are starting to think about the nation’s transition to renewable energy and other alternative fuels.”
Most of the executives surveyed work for energy companies with annual revenues greater than $100 million.
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