Earth Equity News

Saudi Minister Urges Caution on Renewable Energy.By Jad Mouawad, NYTimes, March 27, 2009. "Fears about energy security, and last year's oil price spike, have sparked a serious push for renewable energy in the United States, the world's largest oil consumer. The trend is apparently making the world's largest oil producer, Saudi Arabia, nervous. Speaking at a major energy conference earlier this month, Ali Al-Naimi, the Saudi oil minister, offered an impassioned defense of oil, which he called 'an enabler of progress and prosperity.' He cautioned that the current economic crisis -- and the uncertainties over future oil consumption -- could force producers to trim their supplies, and hence could cause a new price shock. Mr. Naimi also offered his strongest public criticism against the drive for alternative fuels -- which he referred to as 'supplemental' energy -- and the inconsistent policies of consuming countries. Although he never once mentioned either the United States or President Obama by name, these were clearly his targets."