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Alternative energy options and worries about climate change are not a threat to the oil and gas industry, which will need increased investment just to keep up with future demand, the chief executive officer (CEO) of Saudi Aramco said Tuesday. The idea that alternatives to hydrocarbons such as electric vehicles will displace oil and gas in the global fuel mix any time soon is a gross oversimplification, Amin Nasser, the head of the Saudi Aramco, said during the annual CERAWeek conference by IHS Markit, which is taking place this week in Houston. "I am not losing any sleep over the idea of peak oil demand or stranded resources," he said. Although the growth of electric vehicles in particular has grabbed headlines, 99% of the vehicles on the road today have an internal combustion engine, "which will be with us a long time," Nasser said. "It is not an either/or situation," either electric vehicles or the internal combustion engine, he added, but a much more complex picture.