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  • bluecheese4u bluecheese4u Apr 30, 2013 2:03 PM Flag

    Saudi oil minister predicts more active US in energy markets

    Zack Colman - 04/30/13 11:41 AM ET

    Saudi Arabia’s oil chief said Tuesday that he expects newfound fossil fuel reserves in the United States will further integrate — rather than isolate — the nation into the international market.

    “I believe these reserves will lead the United States into a much deeper engagement in world energy markets,” Saudi Petroleum and Natural Resources Minister Ali al-Naimi said at a Washington, D.C., event hosted by the Center for Strategic and International Studies.

    The recent discovery of a wealth of U.S. fossil fuels has many lawmakers heralding a not-too-distant future free of oil imports from the Middle East, Venezuela and other nations.

    Al-Naimi said talks of North American energy independence is “naïve and simplistic,” explaining such discourse “fails to recognize the interconnected nature of global energy markets.”

    Since the United States consumes more oil than it produces, it still makes sense for the United States to import some of it because prices are set globally, al-Naimi said. He said that helps explain why U.S. imports of Middle East oil still rose last year despite frequent boasts of North American energy independence on Capitol Hill.

    On the possibility of the United States hoarding its fossil fuel supplies for domestic consumption, al-Naimi therefore said, “I don’t believe that is in anybody’s best interest, and I don’t think that will happen.”

    Many lawmakers feel the same way.

    Some have touted increasing exports — especially for liquefied natural gas — as a way to generate more federal revenues and jobs. Even further, some see exports as a tool to free allies from relying on less friendly suppliers.

    thehillDOTcom/blogs/e2-wire/e2-wire/296929-saudi-oil-minister-predicts-more-active-us-in-energy-markets

 
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