Saudi minister doubts 'politically popular' alternative fuels
Saudi Arabia's oil minister Ali al-Nuaimi on Thursday defended crude against "politically popular" alternative energy sources, saying these are not replacements for carbon-based fuels.
By Agencies |
MADRID: Saudi Arabia's oil minister Ali al-Nuaimi on Thursday defended crude against "politically popular" alternative energy sources, saying these are not replacements for carbon-based fuels.
"The fact is (that) carbon-based fossil fuels still are the cheapest, most efficient and most reliable energy sources for our mobile society," he told the World Petroleum Congress industry event.
"Nevertheless, it is politically popular these days to extol the virtues of so-called alternative fuels because of their lower carbon emissions.
"However, claims of a reduced carbon footprint for some bio-fuels do not always hold up under closer scrutiny. While we welcome these supplements, they are not replacements for petroleum and they will have drawbacks and challenges."
Nuaimi delivered a keynote speech at the end of the four-day WPC in accepting an award "for scientific and technological excellence in the petroleum industry."
He said there is "a false impression that jettisoning oil is a requisite for progress in meeting our energy and environmental goals."
"It is highly risky at this early stage to assume that unproven technologies could quickly replace petroleum on a larger scale."
Record high oil prices have increased interest in alternative sources of power, such as wind energy, bio-fuels, geothermic energy and solar and wave power.
The minister also rejected fears that oil resources may be running out.
"Informed studies of the resource base tell us there is plenty of recoverable oil left in the ground, perhaps as much as 5-7 trillion barrels counting both conventional and unconventional resources.
"The fact is (that) carbon-based fossil fuels still are the cheapest, most efficient and most reliable energy sources for our mobile society," he told the World Petroleum Congress industry event.
"Nevertheless, it is politically popular these days to extol the virtues of so-called alternative fuels because of their lower carbon emissions.
"However, claims of a reduced carbon footprint for some bio-fuels do not always hold up under closer scrutiny. While we welcome these supplements, they are not replacements for petroleum and they will have drawbacks and challenges."
Nuaimi delivered a keynote speech at the end of the four-day WPC in accepting an award "for scientific and technological excellence in the petroleum industry."
He said there is "a false impression that jettisoning oil is a requisite for progress in meeting our energy and environmental goals."
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"It is highly risky at this early stage to assume that unproven technologies could quickly replace petroleum on a larger scale."
Record high oil prices have increased interest in alternative sources of power, such as wind energy, bio-fuels, geothermic energy and solar and wave power.
The minister also rejected fears that oil resources may be running out.
"Informed studies of the resource base tell us there is plenty of recoverable oil left in the ground, perhaps as much as 5-7 trillion barrels counting both conventional and unconventional resources.
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