Hess boss warns of 'devastating' crisis

John Hess, Chairman and CEO of the Hess Corp., attends the Council on Foreign Relations, Friday, March 9, 2007 in New York. Hess Corporation is an independent energy company, engaged in the exploration and production of crude oil and natural gas, as well as in refining and in marketing refined petroleum products, natural gas, and electricity. (AP Photo/Mark Lennihan)

Speaking out: Hess chairman John Hess

Mark Lennihan

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Damon Evans

 21 October 2009 02:40 GMT

John Hess, the chairman of the US independent producer of the same name, has fired a warning shot to the world, claiming a “devastating oil crisis” looms large on the horizon if global action is not taken.

In a speech delivered at the Money & Oil conference yesterday, Hess said that once economic growth recovers, it is likely the world will return to the market conditions of one year ago.

“The price of $140 per barrel of oil was not an aberration; it was a warning,” he said.

“The approaches of both consumers and producers are based on hope, but what we need is a sober reality.

"The reality is that an oil crisis is coming that could prove devastating to future economic growth. Given the long lead times of five…

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