CEO and Chairman of Exxon Mobil Rex Tillerson told CNBC Monday that he expects natural gas to be the fastest growing fuel choice.
“We see it as a good value and a good resource in terms of growth,” he said.
Tillerson added, “It’s going to play an increasing role, particularly in terms of supplying fuel for electric power generation, which is also going to be growing dramatically around the world.”
Exxon Mobil purchased XTO Energy for about $40 billion last year, making the energy giant the largest producer of natural gas in the United States.
Tillerson said biofuels, especially algae, are a promising energy source, but that it will be a long road ahead before they can be used as a viable supplement to oil.
First the algae must be synthesized to produce the types of behaviors that could be integrated into Exxon Mobil’s existing refinery infrastructure, explained Tillerson.
Tillerson offered few comments about the BP oil spill in the Gulf of Mexico, except to say that he had offered help. Exxon Mobil engineers are now working with BP engineers to help solve the ongoing problem.
Exxon was responsible for the Valdez spill in Alaska in 1989, which cost the corporation billions of dollars in clean-up expenses. Exxon Mobil was still making payments on the disaster in December of last year.