February 15, 2009

Saudi Oil Minister Warns Against Hasty Transition to Renewable Energy



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

3 comments:

Suraj said...

Okay, so the minister is stating the obvious. But not investing in renewable sources of energy just isn't feasible anymore, and for the sake of the planet and everyone else living on it, this just has to be done. I'm sure these 'oil producing nations' will take a hit but hopefully, they'll figure something else out so that no one has to get hurt in any way.

American Biofuels said...

"Fighting terror with alternative energy"

Right on!

Nitish said...

Tell them to use their huge profits to invest in clean solar energy, solar thermal is almost on cost with coal... It is used in southern California and other places. Abu Dhabi is building a fully green city Masdar while they have 1/10 of the oil! Arabs want oil money and the world needs safe, clean renewable energy that will improve the economy and environment!

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