Shell Oil Co. President, John Hofmeister, touted the importance of a "culture of conservation" and investment in alternative fuels.
He said that with fuel prices at the current highs can be used by policy makers to force market changes. World oil prices as low as $10 a barrel in 1998 made investment in alternative fuels not ecenomical but under present circumstances, solar, wind and other alternative energy projects are doable.
Hofmeister said that conventional oil and gas resources are no longer enough for the country's energy security. Fuel derived from oil shales, gasified coal; ethanol and other biofuels; hydrogen fuel and wind and solar energy will play a major role in energy futures.
The US represents 8 percent of the world's population consuming 25 percent of the energy supply. "It's not a sustainable formula," he said, noting that the rest of the world wants its "fair share," too.
Conservation in the US needs to be stepped up. Different designs of homes, factories and vehicles are needed above and beyond adjusting thermostats and driving slower.
In June, Shell announced plans to build a wind farm worth $200 million on the island of Maui to help meet Hawaii's renewable energy goals and do away with the need for a coal-generating plant.
Shell and GM operate 5 hydrogen fuel cell passenger vans in Washington and Shell provides a refueling station near the Capitol.
The company is also investing in producing ethanol with various partners.
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