HOUSTON - A majority of oil and natural gas industry executives said the United States will run out of "reasonably priced" oil in the next 25 years, according to a survey released Wednesday by professional services firm Deloitte LLP.
Fifty-three percent of 52 director-level or higher executives at U.S. oil and gas companies see the nation running out of reasonably priced oil by 2033, while 56 percent of executives think the world will run out of reasonably priced oil by 2058, according to the survey.
Seventy-one percent of executives consider oil and gas the cheapest available energy source, but only 23 percent think that will be the case by 2033.
Deloitte did not provide a definition of "reasonably priced" in the survey released to reporters at an energy conference in Houston on Wednesday.
The survey of executives was done shortly after the U.S. presidential election.
"Clearly, the oil and gas professionals involved in our survey are starting to think about the nation's transition to renewable energy and other renewable fuels," said Gary Adams, vice chairman of oil and gas for Deloitte.
The survey found 75 percent of the executives believe moving away from reliance on fossil fuels for transportation is an appropriate goal for the U.S. government.
Only 27 percent of executives think renewable energy is currently a sustainable energy source, while 54 percent think renewable energy will be sustainable by 2033.
But 40 percent of registered voters think renewable energy is now a sustainable energy source and 51 percent believe it will be sustainable in 25 years.
The survey of more than 1,000 registered voters performed for Deloitte shortly after the election found only 16 percent think oil and natural gas are cheap energy sources.
Only 6 percent of U.S. voters think oil and gas will be a cheap energy source in 2033.
Fifty-three percent of 52 director-level or higher executives at U.S. oil and gas companies see the nation running out of reasonably priced oil by 2033, while 56 percent of executives think the world will run out of reasonably priced oil by 2058, according to the survey.
Seventy-one percent of executives consider oil and gas the cheapest available energy source, but only 23 percent think that will be the case by 2033.
Deloitte did not provide a definition of "reasonably priced" in the survey released to reporters at an energy conference in Houston on Wednesday.
The survey of executives was done shortly after the U.S. presidential election.
"Clearly, the oil and gas professionals involved in our survey are starting to think about the nation's transition to renewable energy and other renewable fuels," said Gary Adams, vice chairman of oil and gas for Deloitte.
The survey found 75 percent of the executives believe moving away from reliance on fossil fuels for transportation is an appropriate goal for the U.S. government.
Only 27 percent of executives think renewable energy is currently a sustainable energy source, while 54 percent think renewable energy will be sustainable by 2033.
But 40 percent of registered voters think renewable energy is now a sustainable energy source and 51 percent believe it will be sustainable in 25 years.
The survey of more than 1,000 registered voters performed for Deloitte shortly after the election found only 16 percent think oil and natural gas are cheap energy sources.
Only 6 percent of U.S. voters think oil and gas will be a cheap energy source in 2033.
