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FutureAtlas.comWhile most of the world is hoping to see oil dependence decrease over the next couple of decades, Exxon Mobil Corp. (NYSE: XOM) has taken the position that alternative fuels will play only a small role in energy consumption through the year 2030.

The company announced today that it is estimating that fossil fuels will continue to dominate the world's energy supply, and believe that 80% of energy demand will come from fossil fuels in 2030. Wind and solar power is expected to increase sharply, but, according to chairman and production director of Exxon Mobil International Ltd., Robert C. Olsen, this growth will only lift the demand up to around 1%.

If you read enough about oil, you are bound to have encountered the theory that the world is rapidly running out of fossil fuels. Exxon looks to debunk that theory, stating that there are 3 trillion barrels of conventional, recoverable oil across the globe, three times as much as the 1 trillion barrels that have been produced over the past 100 years. Of course... we are using a great deal more of the precious crude now than we were 100 years ago!

In another part of his statement, Olsen did reiterate Exxon's newly taken stance that global warming has been taking place, and that fossil fuel burning has been a contributing factor in the rise of global temperatures. A good sign from world's biggest oil company that up until recently was one of the biggest opponents to the argument that fossil fuels contributed to global warming.

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer. DISCLOSURE: Mr. Fowlkes owns and/or controls diversified portfolios of long and short stock and option positions that include holdings in XOM.

Exxon downplays role of alternative energy originally appeared on BloggingStocks on Tue, 04 Sep 2007 17:31:00 EST. Please see our terms for use of feeds.

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