Dread this! Saudi ARAMCO CEO Predicts World Is Likely to Rely Mostly on Fossil Fuel for Decades
Spoken like a true businessman: “Nobody is contending that we should not encourage, should not invest, should not allow renewable energy to grow,” he said. “We are investing in solar energy and are looking at wind and believe it will gradually take an increasing share, but it will take time.” This is somewhat true as many nations are looking at bleak economic prospects and scrambling for resources to invest in alternative energy research! What scares me is the fact that our political leaders (in certain Party) are turning a blind eyes to what’s happening and refusing to invest in progressive economic ideas! Can we, please, prioritize this issue and get working on moving away from oil for good? Our money is fast vaporizing – as fast as the petrol itself and soon we will be left with nothing!
Saudi Arabian Oil Co. Chief
Executive Officer Khalid al-Falih said the world probably will
rely for decades to come on fossil fuels, mainly oil, natural
gas and coal.
“Even though the share of fossil fuels in the energy mix
may decline over the longer term, the absolute quantities of
energy from these sources will continue to rise simply because
total energy demand is set to expand so significantly,” he said
in a speech today at the World Energy Congress in Montreal.
Coal, oil and natural gas are forecast to account for four
out of every five units of energy consumption “for the
foreseeable future,” he said. Alternative fuels will grow
gradually, with their use for power-generation growing faster
than for transportation, he said.
Saudi Aramco, as his company is known, maintains spare
capacity near 4 million barrels a day, a level that has “helped
assure market stability,” al-Falih said. Aramco is the world’s
biggest crude-oil producer.
