John Hess, the chairman of the US independent producer of the same name, has fired a warning shot to the world, claiming a “devastating oil crisis” looms large on the horizon if global action is not taken about developing alternative sources.
In a speech delivered at the Money & Oil conference yesterday, Hess said that once economic growth recovers, it is likely the world will return to the market conditions of one year ago. “The reality is that an oil crisis is coming that could prove devastating to future economic growth. Given the long lead times of five to 10 years from oil discovery to production, we need to act now to avert this outcome.”
Hess concluded that the world must make concessions and put global interests first so that everyone benefits.