Doubling Alternative Energy Production A Tall Order - ExxonMobil CEO
January 08, 2009
Exxon Mobil CEO Rex Tillerson said on Thursday it would be difficult to meet U.S. President-elect Barack Obama's goal to double alternative energy production over the next three years.
"I think that's going to be very challenging to do," Tillerson told reporters following a speech to the Woodrow Wilson Center. He said the U.S. will not be able to double biofuels output during that period and there is not enough manufacturing capacity to build the wind turbines needed to meet Obama's goal.
Separately, Tillerson said the the company is sticking with its $125 billion capital spending budget planned for the next five years, despite the steep drop in oil prices and the global economic slowdown. Any changes to the company's capital spending budget will be announced in March at a meeting with analysts, he said.
Source: AFX News Limited
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