Tony Hayward, BP's baby-faced CEO, has seen the future. And it's got nothing to do with moving beyond petroleum. As part of a cost cutting scheme during which the oil major will shed 14,500 jobs and cut nearly $1 billion in overhead costs, BP will also eliminate many of its renewable energy projects. At the company's annual investor presentation next Wednesday, Hayward is expected to announce the company is getting back to basics - expanding its CAPEX from $19 billion in 2007 to around $22 billion in 2008 with a focus on bumping up oil production. The British energy giant recently signed on to a joint venture with Husky Energy, a Canadian firm operating in Alberta's tar sands. Apparently the lure of oil on the high side of $90 is too much for BP to ignore, regardless of long term impact. Following John Browne's dubious departure after 12 years of leading the company into renewables, Hayward's back to business moves are both disappointing and short sighted.