Energy pushed to explain role

HOUSTON — The U.S. oil and gas industry, facing greater regulation and heavier taxes at home, must do a better job of explaining its vital role in the global economy’s future, the chief of the nation’s third-largest oil company said Wednesday. Jim Mulva, speaking at ConocoPhillips’ annual shareholder meeting, said he understands the emphasis on renewable energy as President Barack Obama shapes his energy roadmap.

But making it more difficult for companies such as Conoco to find and produce new sources of crude and natural gas doesn’t make sense, he said. Mulva noted that fossil fuels will provide 80 percent of the world’s energy needs for years.




wire reports