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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: ConocoPhillips chief warns of impending oil crisis AFP - Wednesday, June 17 DETROIT, Michigan (AFP) - - Government efforts to curb climate change could soon spur an oil crisis more severe than those already experienced, the head of oil and gas giant ConocoPhillips has said. ADVERTISEMENT "We're very concerned that if we don't keep the supply up we're going to see another crisis," said chief executive officer Jim Mulva. Government intervention in the energy market "has an impact" on the willingness of companies to pour billions into the development of new projects, Mulva told an economic summit in Detroit, Michigan. "If we're not investing in replacing our resources in fossil fuels then we're going to create a bigger challenge soon: higher price spikes and volatility in the cost of our energy than what we've experienced even in the past," he said. "That's not going to be helpful to the recovery of our economy." The comments come as President Barack Obama is making a major push to expand the use of alternative energy sources, launch a cap-and-trade system for carbon emissions and promote the development of "green jobs" to boost the nation's flagging economy. Mulva acknowledged that climate change was a "serious problem" but said attempts to limit the use of fossil fuels through taxes and restrictive regulations will simply raise the cost for the consumer and harm the economy. Demand for energy is expected to grow significantly in the coming decades as a result of economic development and a growing global population, and there is no way it can be met without the use of oil and gas, he said. "Washington's apparent belief that we can choose between renewable energy and fossil fuels is mistaken," he said. "We're not against alternatives and renewables. But to say we want to get off fossil fuels to (replace them with) an alternative is unrealistic." The head of US Airways warned that the nation's fragile airline industry could collapse if it is forced to pay some kind of carbon tax on jetfuel because the current supply and demand situation makes it impossible to pass the cost on to consumers. Chief executive officer Douglas Parker said the government needs to focus on industry-specific ways to improve energy efficiency and reduce environmental impacts. "From a user's perspective, there is no legislation that can be passed that can make our industry more motivated to reduce our use of jet fuel," Parker told the summit. Jet fuel costs have more than tripled since 2000 and, at a whopping 58 billion dollars in 2008, are the industry's largest cost. Airlines have responded by cutting jet fuel consumption by three percent from 2000 to 2008 while transporting 20 percent more passengers and cargo: a 25 percent improvement in efficiency. Modernizing the nation's air traffic control system could cut consumption by six to 15 percent by reducing delays and congestion and shortening flight times, Parker said. But the 10 billion dollar price tag attached to updating the government-run system has so far blocked its implementation. "The administration has designs on what needs to happen and is helping to get them done without fully understanding or caring to understand about the impacts on the economy," Parker said. A top White House advisor told the summit that Obama does not believe the country has to chose between protecting the environment and protecting the economy. "You have a president who has a different kind of environmentalism," said Van Jones, the White House special advisor for green jobs, enterprise and innovation. "President Obama's environmental vision is about saving people money (and) helping people earn money," he said. "Everything that is good for the environment, everything that is good in the fight against global warming, it's a job, it's a contract, it's an entrepreneurial opportunity." Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy China launches war on graft in boom cityAFP - 1 hour 46 minutes ago Australia still risks recession: indexAFP - 2 hours 2 minutes ago Swine flu could delay recovery: NZ central bankAFP - 2 hours 5 minutes ago Thai MPs approve 22-bln-dlr stimulus loanAFP - 2 hours 10 minutes ago Related Articles: Business RUSAL may pay LIBOR +6/+7 pct on restructured debtReuters - 1 hour 49 minutes ago Indian shares fall 0.8 pct; Infosys, L&T dropReuters - 1 hour 51 minutes ago Turkey - Factors to Watch on June 17Reuters - 1 hour 53 minutes ago Jet Airways raises fuel surcharge post-ATF hikeReuters - 1 hour 54 minutes ago Yuan eases vs dlr, comments point to stable policyReuters - 1 hour 56 minutes ago Enlarge Photo ConocoPhillips chief warns of impending oil crisis Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Men's 'stiff upper lip' may explain cancer death rate Court orders Exxon to pay $507.5 mln for 1989 spill Obama signs note for girl who played hooky to see him Luanda is world's most expensive expat city: survey Airbus a big winner at Paris Air Show View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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