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78% of Oil Execs Say Cap-and-Trade Won’t Safeguard the Environment

oil derrickAbout 78 percent of fossil fuel industry executives say that the proposed cap-and-trade legislation for carbon emissions will be ineffective in safeguarding the environment, according to the 2010 Energy Outlook Survey from BDO Seidman LLP.

The survey of 100 chief financial officers at U.S. oil and gas exploration and production firms also found that 48 percent think wind energy will best contribute to the world’s future energy needs. Biofuels (23 percent), solar (16 percent) and hydroelectric (10 percent) bring up the rear.

About 41 percent expect renewable energy to comprise less than 5 percent of the U.S. energy sector in five years. One quarter of respondents said renewables would comprise 5-8 percent of the energy sector, and 15 percent said that renewables would comprise 9-12 percent of the energy sector.

More than a third (34 percent) of oil executives said that they expect world demand for liquid hydrocarbons to peak in 5-10 years. When asked the same question last year, just 25 percent gave that response.

As an indication of the political and economic environment, the survey found that 57 percent of executives report delaying or terminating an oil or gas project during 2009, up from 26 percent in 2008.

More than three-quarters (76 percent) of the CFOs said that the federal economic stimulus was not beneficial to the energy industry. About 20 percent said the stimulus was “only slightly” or “somewhat” beneficial, according to a press release.

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