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  • Energy security and America


    Tony Hayward

    Energy security is a front-of-mind issue for the people of the world. We face the difficult fact that the current market environment is a tough one, and the energy industry is working hard to keep the energy flowing. The oil price is close to the real-term record set in 1979. Every geopolitical event causes a spike in the price, but these spikes only happen because the underlying market is itself tight. Strong demand is coming mostly from the developing world, led by China, and it is a lesser known fact that rising demand is also coming from oil and gas producing nations themselves, many of which are using their booming oil revenues to invest in their own economies. Oil supplies have not already peaked. There are, at the very least, 40 years of proved oil reserves left, at current rates of production, and over 60 years of natural gas.

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