being. As governments ponder how to respond to our current environmental and economic challenges they must be mindful that a re-emergence of protectionism through over-regulation and the erection of barriers to trade would be devastating for the global economy. The poorer countries of the world, whose hopes for a better way of life were raised by the impressive poverty reduction achieved under globalization, are particularly vulnerable. Achieving a greater measure of stability also demands that we recognize the dynamic changes occurring in energy markets and that the “newly emerging challenges” – globalization, oil's role as an investment vehicle and climate change – are contributors to uncertainty and price volatility. Going forward we must pursue an “inclusive” energy strategy, reflecting the risks, uncertainties and the criticality of scale in our energy supply system. It must emphasize cost-effective solutions and should not presuppose where we will find the solutions. In our efforts to provide these solutions we must be careful not to forget the critical role that fossil fuels will continue to play and that a successful energy strategy demands we use these fuels more efficiently and reduce their impact on the environment. Saudi Arabia is committed to fostering long-term energy market stability. The task will not be easy, given the complexity of the global economy, the changing dynamics of energy markets and the need to address climate change issues. Working together, we can develop a pragmatic and flexible strategy that provides a level playing field for all fuels and technologies. With realistic and cost-effective policies, we can realize – as both producers and consumers – our common goal of stable, sustainable and reasonably priced energy for a cleaner environment and a more prosperous future. For over half a century, Saudi Arabia and the United States have shared a commitment to work together in areas of mutual interest. I believe that our long-term relationship in energy has paid great dividends for the health of the global economy, the stability of oil markets and for our respective societies. Working together we can build on these successes to provide the foundation for a strong, sustainable economic recovery and a bright future. Thank you for your kind attention this evening."
