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COPYRIGHT 2004 Hart Publications, Inc.
Remarks by David J. O'Reilly, Chairman and CEO of Chevron Texaco, at the U.S. Chamber of Commerce CEO Leadership Series in Washington, DC on June 23, 2004. Reprinted with permission.
There's no denying it, and no avoiding it: Energy is a critical issue. It's a Page One story. It's a presidential campaign issue. And it's a growing concern for U.S. consumers
Clearly, the energy issues that we are dealing with as a country are very real. And very challenging. How we manage them will play a role in national security the economic health of our nation, and the overall quality of our lives. When I use the word "we," I do not use it lightly
Energy is essential to economic health and the quality of life everywhere in the world. It is, quite literally, the lifeblood of our economies. The Industrial Revolution of the 19th Century ... the Technology Revolution of tire 20th Century ... the Biotech Revolution of the 21st Century ... none would have happened--or will happen--without abundant, reliable energy, And as globalization continues to dissolve borders, we are becoming more and more energy interdependent. We need to accept this tact and get our policy objectives and actions aligned with it
The US Chamber of Commerce, perhaps more than any other single group, will appreciate why it's time we take a new approach to energy issues--and do it now.
So I will offer you some specific ideas--what I believe are very--pragmatic ideas about how we can work together to improve our country's energy outlook. What energy companies need to do. Howgovernment can help And how the business community can become more active in shaping national policies on energy.
First, let me start with a few words about prices, which are on everyone's mind, from economists to consumers at the pump.
Actually, by some historical standards, today's energy prices am a relative bargain In 1929--75 years ago--the cost of a gallon of gasoline was $2.75, adjusted for inflation. In 1981, it was $2 79. From this perspective, today's average US. price of about $2 a gallon doesnt look too bad But historical facts like these--though accurate--offer no real relief to Americans who are paying more to heat their homes, more to run their factories, and more to be mobile.
This may not be a short-term aberration. I believe...
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