The public, both the American and throughout the world, will demand greater regulation of the oil industry, in light of the BPGulf of Mexico spill, James Mulva, chairman and CEO of ConocoPhillips , told CNBC Friday.
Mulva spoke in St. Petersburg, Russia. He is among the A-list of executives and business leaders in the former imperial capital of Russia for the St. Petersburg International Economic Forum, which continues until Saturday.
“I think from a governmental point of view, the American and world public will demand better response capability,” said Mulva.
“We believe that the technologies can be developed, and they need to be developed, because the response is inadequate and the American people will look to the industry to make sure that we improve our response capability,” added Mulva. “We need to do that as an industry.”