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Exxon: Free market holds energy solutions

Dec. 6, 2011 at 7:17 AM   |   Comments

DOHA, Qatar, Dec. 6 (UPI) -- World energy demand may increase 30 percent by 2040 and it's the free market that has the solutions to satisfy the hunger, an executive said from Doha.

U.S. supermajor Exxon Mobil said it expected global energy demand will increase 30 percent by 2040 though the world economy should double in size during that period.

Exxon Chief Executive Officer Rex Tillerson told the World Petroleum Congress in Qatar that growing demand was a good sign because it indicated a general trend in economic recovery.

Global energy demand contracted during the recession that started globally around 2008. Tillerson said economic recovery meant the standard of living would increase, notably in the developing world.

To meet surging demand, he said, businesses need a policy climate that encourages sound investment, global cooperation and advanced innovation. Public citizens, he said, should understand the importance of responsible energy development while governments have an obligation to create a stable regulatory framework.

"History proves that energy policies that are efficient and market-based are the best path to economic growth and technological progress," he said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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