At the Cera conference in Houston yesterday the future of the Oil industry was high on the agenda of talks. The Obama Administration re-iterated its stance that the change to Renewable Energies is not just desirable but it is crucial for the future of the planet.
A representative from the Saudi Arabian Oil Industry told the conference that a sudden cessation of Oil Production in favor of Alternative Energy sources was just not possible over night. He said without a proper and well researched strategy plan for such a move it would merely lead to a ‘green energy bubble,’ something akin to the boom-bust housing economy scenario previously witnessed in the US the UK and Ireland.
He continued by saying he fully supported the moves being made towards Renewable Energy at present but felt that Oil would still dominate the market for sometime yet.
Secretary Steven Chu was at the conference representing the US and he restated Barack Obama’s policy on reducing dependence on Fossil Fuels now as a matter of necessity and said we will have to start using Oil in a cleaner way but that this doesn’t necessarily have to mean the end of Fossil Fuels in the immediate future.Andrew Reid, Staff Writer, Gulf Jobs Market News