Saudi Oil Chief says alternative energy a bad idea

[Zebo]

Saudi oil chief sees 'nightmare scenario' in alternative energy push


Saudi Arabia Oil Minister Ali al-Naimi warned on Tuesday that a too quick promotion of investments in alternative energies could chill investments in the oil sector and create a "nightmare scenario."

Substituting the current energy infrastructure will be "prohibitive" in the short term and given the massive scale of the global energy system, a rapid change to alternative energy will be "costly and impractical," al-Naimi said yesterday at an energy summit in Houston organized by the Cambridge Energy Research Associates.

"While the push for alternatives is important, we must also be mindful that efforts to rapidly promote alternatives could have a chilling effect on investment in the oil sector," al-Naimi said in a speech on "Achieving Energy Stability in Uncertain Times" on Tuesday, according to Reuters.

"A nightmare scenario would be created if alternative energy supplies fail to meet overly optimistic expectations, while traditional energy suppliers scale back investment" he added.

Al-Naimi?s remarks come in the midst of an effort from U.S. President Barack Obama to change the energy policies of the previous administration and trigger billions of dollars of investments in alternative energy such as solar, wind and hydrothermal. Obama considers renewable energy as a key part of his stimulus recovery plan to create jobs and to help the economy recover.

Still, Mr. Naimi acknowledged that the world was probably headed towards a transition away from fossil fuels but said he wasn't clear which fuels or technologies would become economically sensible as a replacement for crude oil.

Saudi Arabia is the largest oil exporter in the world and is one of the major members of the Organization of Petroleum Exporting Countries. The country plays a significant role in advancing the stability in world oil markets by keeping the market well supplied and maintaining proper spare capacity, Al-Naimi said according to CERA.

During his remarks, al-Naimi explained about the detrimental and "unsustainable" volatility of oil prices in 2008 but noted that "whereas the recent past was all about risk and high returns, the present focus is on stability and survival," he said, according to the CERAweek website

This is not an onion piece believe it or not but I thought I'd lighten this place up a bit with bizzario news. http://www.ibtimes.com/article...ternative-energies.htm

 

[novasatori]

Topic Title: Saudi Oil Chief says alternative energy a bad idea

Really?

I could see maybe if the topic title was:

Saudi Oil Chief says trying to switch to alternative energy too quickly is a bad idea.

In fact in your very article he says that the world is probably headed to alternative energy anyways.

 

[Whoozyerdaddy]

They had their chance. They didn't look far enough ahead (except for UAE) In another hundred years they'll be back to warlording and cutting each other's heads off.

Too bad as a culture/religion they couldn't let go of the 1400's and accept the modern world. Their 200 year reign as the world's leading producer of energy could have meant something to them in the long term.

 

[dahunan]

OMG.. Scary thought.. Just imagine when the Arabs really are doing nothing but pounding sand and no juice squirts out...

Poor indigant trbesmen they all will be again.. and terror shall reign supreme..

 

[Whoozyerdaddy]

Originally posted by: dahunan
OMG.. Scary thought.. Just imagine when the Arabs really are doing nothing but pounding sand and no juice squirts out...

Poor indigant trbesmen they all will be again.. and terror shall reign supreme..

Except they wont have any money to wage their war against anyone but themselves... They'll reduce themselves to a regional conflict that nobody cares about... like Darfur...

 

[dahunan]

Originally posted by: Whoozyerdaddy

Originally posted by: dahunan
OMG.. Scary thought.. Just imagine when the Arabs really are doing nothing but pounding sand and no juice squirts out...

Poor indigant trbesmen they all will be again.. and terror shall reign supreme..

Except they wont have any money to wage their war against anyone but themselves... They'll reduce themselves to a regional conflict that nobody cares about... like Darfur...

I shouldn't laugh about it.. damnit.. but that is so very true..

 

[Whoozyerdaddy]

Originally posted by: dahunan

Originally posted by: Whoozyerdaddy

Originally posted by: dahunan
OMG.. Scary thought.. Just imagine when the Arabs really are doing nothing but pounding sand and no juice squirts out...

Poor indigant trbesmen they all will be again.. and terror shall reign supreme..

Except they wont have any money to wage their war against anyone but themselves... They'll reduce themselves to a regional conflict that nobody cares about... like Darfur...

I shouldn't laugh about it.. damnit.. but that is so very true..

That's why... deep down... you love me.

 

[Moonbeam]

Some Arab makes a good point and all the garbage and racial bigotry and hate comes pouring out. What a bunch of small minded assholes we be.

 

[StageLeft]

haha, it really could be an onion piece. He's little more than a crack dealer urging his client not to go elsewhere.

 

[daniel49]

Originally posted by: Zebo

Saudi oil chief sees 'nightmare scenario' in alternative energy push


Saudi Arabia Oil Minister Ali al-Naimi warned on Tuesday that a too quick promotion of investments in alternative energies could chill investments in the oil sector and create a "nightmare scenario."

Substituting the current energy infrastructure will be "prohibitive" in the short term and given the massive scale of the global energy system, a rapid change to alternative energy will be "costly and impractical," al-Naimi said yesterday at an energy summit in Houston organized by the Cambridge Energy Research Associates.

"While the push for alternatives is important, we must also be mindful that efforts to rapidly promote alternatives could have a chilling effect on investment in the oil sector," al-Naimi said in a speech on "Achieving Energy Stability in Uncertain Times" on Tuesday, according to Reuters.

"A nightmare scenario would be created if alternative energy supplies fail to meet overly optimistic expectations, while traditional energy suppliers scale back investment" he added.

Al-Naimi?s remarks come in the midst of an effort from U.S. President Barack Obama to change the energy policies of the previous administration and trigger billions of dollars of investments in alternative energy such as solar, wind and hydrothermal. Obama considers renewable energy as a key part of his stimulus recovery plan to create jobs and to help the economy recover.

Still, Mr. Naimi acknowledged that the world was probably headed towards a transition away from fossil fuels but said he wasn't clear which fuels or technologies would become economically sensible as a replacement for crude oil.

Saudi Arabia is the largest oil exporter in the world and is one of the major members of the Organization of Petroleum Exporting Countries. The country plays a significant role in advancing the stability in world oil markets by keeping the market well supplied and maintaining proper spare capacity, Al-Naimi said according to CERA.

During his remarks, al-Naimi explained about the detrimental and "unsustainable" volatility of oil prices in 2008 but noted that "whereas the recent past was all about risk and high returns, the present focus is on stability and survival," he said, according to the CERAweek website

This is not an onion piece believe it or not but I thought I'd lighten this place up a bit with bizzario news. http://www.ibtimes.com/article...ternative-energies.htm

It doesn't matter the scenario , a reason will be created to drive energy prices up.

 

[Fern]

Meh, I think he's right.

I know it looks bad for him to be promoting oil; it looks completely self-serving.

But given that they're really in the 'energy business' I wouldn't be surprised at all if they themselves are looking hard at various alt energy sources so they can transition their energy business from oil to whatever will replace it.

Say what you will about the Saudi's, but they aren't complete morons at business.

Fern

 

[MovingTarget]

He makes a good point, however, it seems that his warning is unwarranted. Either A) we don't have hte political will to make such a strong push or B) we will be prevented by sheer practicality from doing so. It takes time and resources to get the infrastructure in place. It takes a whole lot of machine tools and capital investment to make the initial push....and that takes time. Even if we do our best to push alt. energy as fast as we can, those limiting factors will prevent the 'nightmare scenario' he envisions. It may be a nightmare for the OPEC crowd, but only a temporary inconvenience to us.

 

[Aimster]

Most Arab nations do not have oil

 

[Ozoned]

Originally posted by: Aimster
Most Arab nations do not have oil

Do they have sand?

 

[Jaskalas]

Originally posted by: dahunan
OMG.. Scary thought.. Just imagine when the Arabs really are doing nothing but pounding sand and no juice squirts out...

Poor indigant trbesmen they all will be again.. and terror shall reign supreme..

and if this happens AFTER they develop nuclear weapons?

 

[trenchfoot]

Well, considering how the political/corporate powers that be got ahold of the alternative energy industry and gave us corn ethanol that costs more to produce than oil-refined gas rather than other more viable alternatives, I'd say that Saudi Oil Chief has an excellent point.

 

[Ozoned]

Originally posted by: tweaker2
Well, considering how the political/corporate powers that be got ahold of the alternative energy industry and gave us corn ethanol that costs more to produce than oil-refined gas rather than other more viable alternatives, I'd say that Saudi Oil Chief has an excellent point.

Anything we can do to offset the demand for foreign oil will lower the cost, and increase the availability of that foreign oil. The goverment subsidizes ethanol for a reason.

 

[brandonbull]

Questionable if ethanol really offsets foreign oil. The increase usage of water and fertilizer isn't good and the size of the dead zone created in the gulf of mexico due to increased fertilizer has costs as well.

 

[heyheybooboo]

Originally posted by: Fern
Meh, I think he's right.

I know it looks bad for him to be promoting oil; it looks completely self-serving.

But given that they're really in the 'energy business' I wouldn't be surprised at all if they themselves are looking hard at various alt energy sources so they can transition their energy business from oil to whatever will replace it.

Say what you will about the Saudi's, but they aren't complete morons at business.

Fern

Instead of flaring off gas they could power the conversion of all that sand into silicon for PV panels ...