intensive nature of the oil industry. It is in the interests of producers and consumers alike to work toward more stable oil prices, predictable energy and investment policies, and predictability of demand, all of which foster a climate conducive to the oil industry's deep levels of investment in technology and human resource development. Will oil prices continue to climb in the future, as demand rises? Ultimately, the answer to that question will be determined by our ability to develop and deploy new technologies with the goal of adequately expanding supplies. As we have established, reserves are an economic phenomenon. Technology has continuously come on board throughout the history of the oil industry - and that is true today. Innovation is revolutionizing oil, making it more accessible and more sustainable at every stage. Technology is allowing those ample resources to become reserves at progressively lower costs. For a compelling example of how technology and innovation can be game changers in the energy business, we need look no further than the sudden prominence of shale gas in the United States energy mix. Five years ago, the overwhelming consensus was that the United States was running out of natural gas; plans thus were underway to increase imports of liquefied natural gas. Today, however, thanks to the application of new technology to unconventional shale gas fields once thought uneconomic to produce, the U.S. is awash in natural gas, to the extent that export is a possibility, given supplies sufficient to meet current domestic demand levels for the foreseeable future. The clear lesson is that the resource base is there, and that technology will determine how much we can convert into reserves and supplies, and at what cost. Technology also holds out the promise of lessening the environmental footprint of the energy we use, allowing us to continue to benefit from the efficiency and usability of petroleum-based fuels while protecting the environment. The industry has made environmental innovation a major investment focus, particularly in alignment with oil's leading use, which is transportation. The complexities that are created by oil's dual role as an energy source and an asset class make predictions of future prices highly speculative. However, as an oilman with many decades of experience and observation, I am confident the oil industry will continue to meet the growing needs of an energy-hungry world well into the future. Realistically, none of us can be certain how oil's second role, that of asset, will evolve. Speculation is not the only uncertainty we face. Our limited ability to predict economic and financial, geopolitical, and natural events, as well as our limited insight into the forces at play, places us in a poor position to accurately predict oil price levels with any certainty in the future. The variable nature of markets brings us full circle to the importance of cooperation toward the shared goals of sustainable supply and demand, fair and sustainable prices, a better balance of benefits to both producers and consumers, and the energy security needed to pursue economic growth and higher living standards for people everywhere. Open dialogue, greater transparency, and a level playing field that allows for adequate, timely investment are the surest path to lesser volatility and the greater opportunity that only energy can deliver. Thank you for your kind attention.
