February 15, 2009
According to Saudi Arabia’s Oil Minister Ali Naimi, renewable energy sources are not fully equipped to meet the world’s energy demands and that governments should avoid making huge investments in developing clean energy systems.
At a conference in Huston, Mr. Naimi argued that recent injection of billions of dollars by governments to develop renewable energy systems could lead to the collapse of the oil industry. He said that such steps would drive away investors which would hurt the oil producing nations as demand and prices of oil products has been falling sharply. His remarks were clearly aimed at the Obama administration which is reversing President Bush’s policies by openly encouraging massive investments in the renewable energy sector.
Source : Red Green and Blue