OPEC members are getting increasingly worried about the chatter coming from industrialized nations about reducing carbon emissions. Their fear is that it will lead to a drop in oil use, which will lead to less income.
“We share the concern for climate change but at the same time we don’t want to be a victim,” says Mohammad Al Sabban, an adviser to Saudi Arabia’s Ministry, via Bloomberg News.
Bloomberg: Saudi Arabia, the largest oil producer in the world, will suffer as the U.S. and Europe strive for energy security, or reduced imports of fossil fuels, while presenting their efforts as climate-change mitigation, Al Sabban said.
“We see that definitely there will be a bias against the oil-producing countries,” he said. “We start to question whether the intention is to address climate change or achieve energy security.”
What’s wrong with acheiving both? Why shouldn’t the US or any country be able to reduce its use of oil and secure an independent source of energy?
If it’s any consolation Saudi Arabia, we’re decades away from lowering oil use, and many experts see oil heading to $150 in the next few years. Some even think $200 is possible. With all the fat profits you earn from that, you can just buy up all the solar and wind projects in the US you’d like.
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