This is a partial transcript from Your World with Neil Cavuto, February 25, 2002. Click here for complete access to all of Neil Cavuto's CEO interviews.
NEIL CAVUTO, HOST: Can we conserve our way of an energy crisis? My next guest is not so sure. He is Tom Petrie, the very same say who predicted that with or without the Enron mess, the president was going to have a tough time getting his energy program through. Mr. Petrie is the CEO of Petrie Parkman and he joins us right now. Good to see you, stranger.
TOM PETRIE, CEO, PETRIE PARKMAN: Good to see you, Neil.
CAVUTO: Can we conserve our way out of this alone?
PETRIE: Not alone. Not alone, without question. We need a balanced program, but we also need the time to go to the conservation efforts. The big conservation, if it's going to come in transportation, is going to come with the advent of hybrid vehicles. That's going to take time. We're talking a decade or two.
CAVUTO: Rightly or wrongly is deemed to be in the hip pocket of these oil guys so that it's going to have a tough time making that case?
PETRIE: It is going to have a tough time. There's no question about it. But if this is a gut issue, we have had poor energy policy formulation for much of the last two decades. If we don't ever show a learning curve in this area now, we deserve the consequences of that and that's more dealing with the Saddams of the world.
CAVUTO: How do you play this financially?
PETRIE: Well, you know, one of the big misnomers, and frankly, the Bush administration has created some of its own problem. It's not just a question of ANWAR. ANWAR itself is one part of the north slope of Alaska. There are two other parts of Alaska, at least on the north slope, that have equal potential. The gas cap at Prude Oil Bay, which also has the equivalent to bring on about 600,000 barrels of natural gas equivalent, oil equivalent and natural gas, and an area called the National Petroleum Reserve. And by having the debate just focus on ANWAR with the notion of hurting the animals versus the other areas, it becomes too simplified.
CAVUTO: So who do you bet on as far as the companies?
PETRIE: The main players on this would be Phillips Petroleum, Anadarko Petroleum, British Petroleum and Exxon. They're the main companies that can bring the new supplies to market and will.
CAVUTO: So these would be the ones that would benefit if we can tap into that market there, right? If we cannot, are they similarly then hit?
PETRIE: No. They have got enough other things going on in the world. They run a portfolio of properties because they know what the challenges are in Washington. But the key thing is going back to what I just said. ANWAR, as an negotiation on timing, vis-a-vis, the gas cap at Prude Oil Bay and reserves that are being found west of Prude Oil Bay in the National Petroleum Reserve, bring those on while one agrees on a reasonable schedule for ANWAR itself.
CAVUTO: Thomas, always a pleasure. Thank you, sir. I appreciate it. Tom Petrie, the energy expert.
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