ExxonMobil CEO: Fossil Fuels to Stay

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ExxonMobil CEO: Fossil Fuels to Stay

DALLAS -- At the company's annual shareholders' meeting last week, Exxon Mobil Corp. Chairman Rex Tillerson said U.S. gasoline consumption has probably peaked and will slowly decline, thanks to increased fuel economy and a growing reliance on low-sulfur diesel fuel, according to a report by the Fort Worth Star-Telegram.

Despite this, the world isn’t anywhere close to reaching "peak oil," and a transition from fossil fuels could be "100 years away," he said.

Tillerson also indicated ExxonMobil’s primary focus will likely remain on core businesses of oil and gas exploration and production, refining and chemicals.

In addition, if Congress passes climate-change legislation to address global warming, Tillerson prefers implementation of a carbon tax, due to its efficiency, rather than a "cap-and-trade" system under consideration now, the report stated.

Tillerson was stumped by one question presented during the meeting, though: When will the U.S. again see record prices of $147 a barrel for oil and an average $4.11 a gallon for regular-grade gasoline, as it did last summer?

"I don’t know," he responded with a smile.

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