?Senior oil and gas professionals are increasingly concerned with the affordability and sustainability of the oil and gas industry, and have a surprisingly strong belief in the viability of renewable energy, according to findings in a Deloitte oil and gas group-commissioned survey.


The study was based on in-depth phone interviews with 52 oil and gas professionals, 33 of which hold C-suite positions at petroleum companies with annual revenues of $100 million or more.


Deloitte LLP vice chairman, oil and gas, Gary Adams says, “Our sampling offers a fascinating view into how a group of senior oil and gas professionals feel about the key issues facing the industry. Half of the respondents we interviewed—53%—believe the U.S. could run out of reasonably priced oil within the next 25 years, and a similar number—56%—think the world will run out of reasonably priced oil in the next 50 years.”


Most of the surveyed executives believe oil and gas will not remain the world’s cheapest energy source; 23% feel it will still be the cheapest source 25 years from now.


Adams says, “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 (54%) see renewable energy as highly sustainable in the future.


One of the most tellingly aspects of the survey is three of four executives believe transitioning away from the nation’s reliance on fossil fuels for transportation is a good goal for the country, and 56% believe it is good goal for oil and gas companies, though many still see hydrocarbon-based energy as the best source for long-term transportation purposes. More specifically, 54% think the best alternative to oil as a transportation fuel is natural gas.


The executives are also very concerned with America’s dependence on foreign oil, with three of four claiming the U.S. can realistically achieve energy independence. Most (55%) believe this could happen in the next 15 years.


Adams says, “Our sampling of oil and gas executives paints an interesting directional picture—one that’s at odds with the common perception that petroleum companies are reluctant to embrace serious change in how we produce and use energy.”


In a Deloitte survey of voters, almost all agree. That survey shows renewables, like solar and wind power, have an 86% public favorability rating, and consistently across all age and education groups.
Adams says, “With the new presidential administration taking office, we have a unique opportunity to find common ground on renewables and other alternative fuels by developing a sensible and practical plan for the energy era ahead.”

Comments