A Quote by Khalid A. Al-Falih
Saudi Arabia is blessed with energy from various sources, whether it's fossil in oil and gas, or renewables, wind and solar, that are extremely competitive.
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There is an urgent need to stop subsidizing the fossil fuel industry, dramatically reduce wasted energy, and significantly shift our power supplies from oil, coal, and natural gas to wind, solar, geothermal, and other renewable energy sources.
The transition from coal, oil, and gas to wind, solar, and geothermal energy is well under way. In the old economy, energy was produced by burning something - oil, coal, or natural gas - leading to the carbon emissions that have come to define our economy. The new energy economy harnesses the energy in wind, the energy coming from the sun, and heat from within the earth itself.
It's important to understand that oil and renewables do different things. Wind and solar are for power generation, so they don't replace oil. About 70% of all oil produced is used for transportation fuel. Renewables are good projects, but they don't get us off of foreign oil.
Historically, the United States has had a wonderful energy policy. We're blessed with a diversity of resources. We have oil. We have gas. We have coal. We have nuclear. And renewables. And as a result, one of our biggest competitive advantages has been affordable energy. You need a strong economy and you need affordable energy to fuel that economy.
The more traditional fuel sources we have relied on as a nation - coal, oil, and natural gas - I'm hoping they can allow us the financial springboard to move to the next generation of energy sources: renewables and alternatives.
This curious faith is predicated on the notion that we will soon develop unlimited new sources of energy: domestic oil fields, shale oil, gasified coal, nuclear power, solar energy, and so on. This is fantastical because the basic cause of the energy crisis is not scarcity: it is moral ignorance and weakness of character. We don't know how to use energy or what to use it for. And we cannot restrain ourselves. Our time is characterized as much by the abuse and waste of human energy as it is by the abuse and waste of fossil fuel energy.
In reality, Republicans have long been at war with clean energy. They have ridiculed investments in solar and wind power, bashed energy-efficiency standards, attacked state moves to promote renewable energy and championed laws that would enshrine taxpayer subsidies for fossil fuels while stripping them from wind and solar.
The potential for alternative energy sources, mainly solar and wind power, to completely replace coal and gas for utility generation globally is, I think, certain. The question is only whether it takes 30 years or 70 years.
We simply have to transition from an economy based almost exclusively on oil and coal and natural gas to one that's far more diversified, that uses solar energy, and wind energy, and the power of the tides, and bio-mass energy, and eventually, develops hydrogen.
We are considering various ways of making use of our oil and gas downstream industries. This is to be complemented with the import of oil and gas from other sources as raw materials.
I came here to help make America more competitive and prosperous by developing an energy policy that increases conservation, promotes cleaner technologies, encourages development of renewables and enhances domestic production of gas and oil.
We are already witnessing a transformation in the U.S. economy to increased production of lower carbon energy through fuel switching to natural gas and expansion of wind, solar, geothermal, and other renewable non-carbon intensive energy sources.
Because we are now running out of gas and oil, we must prepare quickly for a third change, to strict conservation and to the use of ... permanent renewable energy sources, like solar power.
We've offered direct financial support for a range of renewable energy sources, whether it be large-scale solar, whether it be geothermal, whether it be wave power or wind power.
Within the renewables space, we are focused on solar and wind energy.
So, I think even in Saudi Arabia there is movement. And we have to remember that over the years they've stabilized the oil price and that is tremendously important for the economies of the world. I think we have no choice but to work with the government of Saudi Arabia.
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