CSIS CONFERENCE ON US - SAUDI RELATIONS AND ENERGY SECURITY
Abdallah Jum'ah, CEO of Saudi Aramco, left, speaks with Daniel Yergin, Chairman of the Cambridge Energy Research Assoc., during a conference on the United States and Saudi Arabia relationship and their interests in energy security, on April 27, 2004 in Washington. The conference was sponsored by CSIS and dealt with oil reserves, production, prices and security..(UPI Photo/Michael Kleinfeld)
Latest Headlines
The United States was more reliant on Middle East oil imports in 2012 than in previous years, emphasizing how important the region remains for Washington.
The U.S. energy sector needs "planning for resilience" as domestic markets struggle to recover from Hurricane Sandy, an analyst said.
The shale oil and natural gas sector in the United States could contribute nearly $500 billion to the U.S. gross domestic product by 2035, an analysis states.
South Korea and Japan said they are seeking alternative sources of oil to comply with U.S. demands that nations cut back on imports from Iran.
Any decision to hit Iran with new sanctions because of nuclear weapons concerns requires tough considerations about energy security, an analyst said.
While the outlook for the United States is uncertain, European countries are set to lead the development of renewable energy, an analyst said.
Advances in oil drilling techniques are creating opportunities at marginal oil wells and reducing U.S. dependence on foreign oil, experts say.
Oil companies are ramping up production in Libya after the death of the country's deposed ruler, Moammar Gadhafi.
Sheik Yamani, a former minister in the Organization of Petroleum Exporting Countries, famously said, "The Stone Age didn't end because we ran out of stones." The same could be said of our oil-driven economy: The Oil Age will not end because we will run out of oil. It will end because the supply-demand equation will force changes from oil to its alternatives.
Experts predict many key oil suppliers, such as Mexico, may require imports to offset rising internal energy demands, further straining global oil markets.
Quotes
United Press International
United Press International
United Press International
United Press International
United Press International
