Renewable Energy Key to Declining Oil Reserves

Houston, Texas [] According to the results of a survey conducted by KPMG LLP, oil and gas executives say government involvement in supporting the development of renewable energy sources is necessary to alleviate the problem of declining oil reserves. In the KPMG survey, which polled 553 financial executives from oil and gas companies in April 2007, 25% of the respondents said that at least 75 percent of government funding into energy should be directed at the renewable sources sector and a further 44 percent said that at least 50 percent of funding should be allocated in the same way. 82 percent cited declining oil reserves as a concern. While oil and gas executives are keen to see renewable energy sources becoming a mass produced reality, 60 percent say that will not be possible by 2010. Of those that believe it will, 18 percent say ethanol is the most viable for mass production by then, 13 percent say biodiesel and only 3 percent say cellulosic ethanol.


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