Wednesday AM February 11th, 2009
by: Ed Mayberry, February 10, 2009 5:02:44 pm
The Cambridge Energy Research Associates conference at the Westin Galleria is a week-long gathering of thought leaders in oil and natural gas, LNG, power, coal, renewables and nuclear energy. BP's Tony Hayward says energy independence has shot up the political agenda with the election of Barack Obama — challenges he says the oil industry's been wrestling with for a while. He says there's no shortage of hydrocarbons — the problems are not below ground, but above it.
"The evidence is irrefutable that where markets are allowed to operate freely, they work. Producers and consumers should be encouraged to respond to the market signals."
Hayward says governments around the world are working together in an unprecedented way to restore liquidity and trust in financial institutions.
"If we want more investment, then businesses and governments must act together. We need fiscal, regulatory and climate change regimes that are stable and enduring."
Hayward says energy companies and governments must have confidence in each other if companies are to invest $26 trillion to meet expected growth needs. He says energy efficiency and conservation must be priorities.
Ed Mayberry, KUHF Houston Public Radio News.