ConocoPhillips' CEO: Natural Gas is the Future
DETROIT -- James Mulva is bullish on natural gas. So much so that the chairman and CEO of ConocoPhillips believes it is the energy of the future.
During a speech delivered at the Detroit Economic Club at the Detroit Marriott yesterday, Mulva called natural gas "nature's gift" and stressed the importance of developing a national energy policy, the Detroit Free Press reported.
Mulva added that natural gas can be the energy of the future because the United States has an abundant supply of the fossil fuel; it's cleaner burning than coal; and more environmentally friendly and inexpensive than petroleum. In addition, natural gas has the potential to create hundreds of thousands of jobs, he said.
ConocoPhillip's chief added that natural gas is great to use as an alternative to gasoline when consumers fill up their cars. "Electric and plug-in hybrid cars are building a following," he said. "The electricity to recharge these cars must come from somewhere. Here again, natural gas can help. There is also support in Congress for natural-gas-powered vehicles."
Although natural gas sounds like a slam dunk, there is one possible problem. Environmental groups claim the shale extraction method, called fracking, used to get natural gas from the ground may pollute underground water supplies.
Mulva has stated previously he vehemently denies those allegations put forth by environmental groups and claims fracking is a safe process.