Hess CEO: US In 'Desperate Need' Of Energy Policy

STAMFORD, Conn. (Dow Jones Newswires), Sep. 27, 2011

John Hess: Hess CEO

Hess Chief Executive John Hess on Tuesday railed against government inaction in forming a comprehensive energy policy, calling on the Obama administration to increase drilling permit approvals in the Gulf of Mexico and warning of an impending energy crisis.

The administration, "must set a strategic vision for our country to follow," Hess told an industry conference, adding that "to have climate change policy, you need to have an energy policy."

Hess, the veteran leader of one of the world's largest oil and natural gas producers, said that to provide energy for growing global demand, oil and other conventional fuels need greater investment.

But he added that the energy industry hasn't done enough to explain the position of oil and gas producers to the public.

"The industry hasn't told its side of the story," Hess said.

Without greater investment to keep production capacity rising in line with demand, he said, oil prices will again move towards new records.

"An energy crisis is on its way, and is likely to be triggered by oil," Hess said. "We are not investing enough."

Copyright (c) 2011 Dow Jones & Company, Inc.

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