NIGHTMARES!

While the Obama administration is stressing the need to diversify America’s fuel supplies and wean the nation from its dependence on foreign oil, Saudi Arabia, the world’s biggest oil exporter, is warning about a “nightmare scenario” if consumers seek to speed up the development of alternative fuels.

Ali al-Naimi, the Saudi oil minister, said Tuesday evening at an oil industry conference in Houston that a push to develop more renewable fuels might jeopardize investments in conventional fuels.

“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,” he said. “A nightmare scenario would be created if alternative energy supplies fail to meet overly optimistic expectations, while traditional energy suppliers scale back investment due to expectations of declining demand for their products.”

Is that a threat?

Saudi Arabia, along with other oil exporters, has long complained about what they view as the uncertainty of energy policies in Western nations. This uncertainty, oil producers argue, hampers their ability to make long-term plans to develop their resources.

:(

If only energy policy and prices were more certain... I have an idea! Monopolistic cartel, anyone? I see a few hands...

At the moment, the slowing economy and collapsing demand for oil is freezing investments around the world. The secretary-general of the Organization of the Petroleum Exporting Countries said recently that cartel members had canceled 35 drilling projects because of lower prices.

AHHHHHHHH! If only America would stop talking about alternative energy!