to a dominant new source will require at least a half-century, and perhaps more given the various challenges associated with such a broad-based conversion. Furthermore, if this transition is to happen smoothly and effectively, we must adopt a scientific, logical, and transparent approach. We must not pursue political or ideological interests by favoring this or that energy source without regard for its viability or the balance between its costs and its benefits. Perhaps the best example of weak economic and scientific logic at work on this issue is the recent attempt to push for biofuels and ethanol as alternative energy sources which can protect the environment and enhance national energy security in certain markets. Proponents of these energy sources may believe they can be useful in achieving other objectives, but when it comes to these specific environmental and energy security goals, biofuels appear to fall well short of the mark. In fact, the utilization of these types of energy sources to date is proving to be rather unfriendly to both the environment and the economy. This is particularly true when one considers the vast amounts of energy, water and arable land required for their production and processing, let alone the reduction of food supplies and the increase of crop prices worldwide. My friends, I would like to be very clear on this issue: We in Saudi Arabia, and I believe within the majority of oil producing and exporting countries, have no prejudice against such types of energy. Nor do we feel threatened by such sources. Indeed, the opposite is true, and as the global economy continues to expand and as men and women work to achieve higher standards of living, the world will need more and more energy, and utilize all of the viable sources at its disposal. --More
