Abdallah S. Jum'ah, President and Chief Executive Officer of Saudi Aramco has urged everyone in the energy industry to work hard and together to build an energy future that benefits both our planet and its people. In an address at a week-long oil conference on "Rising to the Challenge: Securing the Energy Future," in Houston, Texas, which is organized by Cambridge Energy Research Associates (CERA), now in progress, Jum'ah spoke about future of oil and energy Industry. "I want to begin with a closer look at the conference theme: 'Rising to the Challenge: Securing the Energy Future.' I interpret that challenge as providing the adequate, affordable and reliable supply of energy needed to grow the global economy while concurrently protecting the natural environment. As the theme's wording would suggest, achieving this objective will not be easy, and all of us in the energy industry must work hard-and work together - if we are to build an energy future that benefits both our planet and its people. "One of the most important factors in securing that future is the energy mix over the next several decades, and beyond. Some parties advocate a rapid transition from fossil fuels to alternative sources of energy for reasons of both environmental protection and security of supply. While I share their twin objectives and appreciate the depth of their convictions, I strongly believe that rushing from tried and tested energy sources toward still questionable alternatives is imprudent. Such a stance ignores the state of development of alternatives, the seriousness of many unresolved issues associated with them, the demands of global economic development, and the need to eliminate energy poverty in the developing world. This is a very critical industry that affects the life and well-being of every nation. Therefore, we need to craft an energy vision that is balanced and addresses the concerns of all. Anything short of that will run the risk of taxing economies unnecessarily. It is important that we recognize that we live in an interdependent world, that we promote the development of new technologies based on sound economic merits, and that we avoid creating economic overhangs caused by unfounded overreactions and misguided analyses." --MORE 1351 Local Time 1051 GMT
