Tom Petrie is vice chairman of Merrill Lynch. He was named to the post after the brokerage in October agreed to acquire Petrie Parkman, the energy-related investment banking and capital market advisory firm he co-founded.
Petrie and CNBC’s Sue Herera discuss the future of energy, in cnbc.com’s exclusive series looking at the year ahead.
Oil prices are down from their historic highs – but don’t expect that to last. By the close of the decade, I wouldn’t be surprised if” oil hovered at “$85 to $95, or even the Goldman Sachs version of $105” per barrel.
And don’t look to corn-based ethanol as a panacea. Petrie says its “real role” is fleeting, due to the U.S.' limited production capabilities. Thus, big energy providers are already working hard to develop “alternative resources”; until those prove feasible to power the U.S. economy, big players must continue to seek “unconventional supplies” of oil, in punishing terrains like the far Arctic and deeper waters offshore.