Taking complete advantage of the unconventional oil and natural gas resources in the U.S. requires new energy policies, said Jim Mulva, chairman and CEO of ConocoPhillips. "We are in fact well into an industrial revolution, one that represents the biggest oil industry breakthrough since the 1940s, when we first moved offshore into the Gulf of Mexico," Mulva said. Technological breakthroughs in tapping gas from shale formations sparked the revolution, he said.

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