Oil Companies Advise to Use Less Fuel

"It's interesting they are saying that because very often they have not said anything on (the subject of curbing demand)," says Claude Mandil, head of the International Energy Agency.  "I fully agree with them," he told Reuters on the sidelines of an OPEC seminar on Wednesday.

Chevron ran a two-page advertisement in Britain's Financial Times Sept. 6 encouraging consumers to use less fuel.  "A 5% reduction in global energy use would be enough to power Australia, Mexico and the entire UK," the ad said. "So what are we waiting for?"  Chevron, which says it has improved its energy efficiency 24% since 1992, is not alone among international oil firms in encouraging consumers to burn less fuel.  France's Total has advised the French government and the European Union to cool oil demand to avoid a supply crunch as production peaks and starts to decline. 

It has been estimated that global oil production will peak around the year 2020 if output growth remains at current levels, according to Total Chief Executive Thierry Desmarest.  More efficient use of energy is the cheapest and quickest way to cut greenhouse gas emissions, Mandil said.  "If we want to have a long term sustainable future, including a cap on CO2 emissions, we will need everything at our disposal," he said.