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Exxon Mobil Predicts Increase in Demand for Oil, Natural Gas.
Publication: The Dallas Morning News (Dallas, Texas) (via Knight-Ridder/Tribune Business News) Publication Date: 31-MAY-01 |
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COPYRIGHT 2001 The Dallas Morning News
Byline: Charlene Oldham
May 31--Demand for oil and natural gas is expected to increase 50 percent by 2020 and demand for petroleum-based energy is expected to grow by 2 to 3 percent a year, according to Exxon Mobil Corp. chairman and chief executive Lee Raymond.
But he doesn't expect Irving-based Exxon Mobil to build a sizable new U.S. refinery to turn that oil into gasoline, the petroleum-based product most Americans use every day.
"The thought of a truly significant-enough-in-scale grass-roots refinery...I can't imagine that is on anybody's drawing board," Mr. Raymond told reporters after the company's annual meeting Wednesday. "You don't make any money."
Although margins have improved in recent times,...
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