
WASHINGTON, May 1 (UPI) -- Talk of energy independence in the United States doesn't take into account the global nature of energy markets, Saudi Energy Minister Ali al-Naimi said.
Naimi delivered an address to the U.S. Center for Strategic and International Studies. His speech coincided with a report from the U.S. Energy Department that said imports of foreign crude oil have declined.
U.S. policymakers have pressed for more energy independence as new extraction technologies have led to exponential gains in domestic crude oil production.
Naimi said any talk of ending the reliance on foreign oil reserves is "a rather simplistic view."
"Talk of energy independence fails to recognize the interconnected nature of global oil -- global energy markets," he said. "We are all part of a global market and no country is truly energy independent."
Saudi Arabia and Iraq were the only members of the Organization of Petroleum Exporting Countries that exported more oil to the United States in February than in January. The United States gets most of its oil imports from Canada.
"Perhaps the question is not how the U.S. can achieve energy independence, but to what degree it will, in the future, be prepared to export its oil and gas supplies," Naimi said.
|
|
|
|
|
|
| Additional Energy Resources Stories | |
NAIROBI, Kenya, May 9 (UPI) --
Expanding interests in renewable energy technology could provide broad economic opportunities, the U.N. Environment Program said from Nairobi.
|
CANBERRA, Australia, May 9 (UPI) --
Australia will hold defense spending at $100 billion over four years and remains committed to the purchase of the F-35 Joint Strike Fighter.
|
Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
|
Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
|
| Stories | Photos | Comments |
View Caption