I'm extremely excited about the proprietary technology Conoco has developed in this field. We see growth opportunities in construction and automobile manufacturing, with our carbon fiber strengthening concrete and plastics so they can replace steel and aluminum in some applications. Finally, technology includes the Internet and the enormous potential of e-commerce. At the moment, our industry has only grasped the tip of the iceberg in terms of the potential of e-commerce to improve productivity. Dubai's shining Internet City is surely a glimpse into our future.
Technology is wonderful, but it's expensive.
Developing needed petroleum reserves during the next decade will require new investments of a trillion dollars. That brings me to the second challenge we must surmount, which is the financial challenge. Difficult as this will be, our industry must be willing to invest even in challenging and uncertain times. The rate of return on energy projects must be high enough to attract investors. Global and local financial institutions should participate in the process, and energy companies must work to educate the financial community on the facts of our industry.