Shell diesel news: Shell CEO says cheap oil is dead
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08 March, 10 The chief executive of Royal Dutch Shell has said that he expects oil to remain the main source of energy for many years to come. Oil will also become harder to obtain and therefore more expensive, CEO Peter Voser said at the Wall Street Journal's ECO:nomics conference. The CEO said that, despite progress in alternative energy projects and technologies such as wind power and electric cars, "we will need conventional oil for the foreseeable future", reports MarketWatch. Mr Voser said that there is still oil around, but it will be harder and more costly for producers to access it, so consumers will have to pay more for it. "I think what is dead is cheap oil," he said. Shell is investing 25 per cent of its research and development budget on renewable energy, Mr Voser added. He predicted that by 2050, around 40 per cent of the world's cars would be electric. Posted by James Richmond 
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