The idea of American energy independence is a myth and the US must maintain "constructive relationships" with oil-producing countries for its own prosperity, the head of petroleum giant Exxon Mobil Corp said.
"We do not have the resource base to be energy independent," Exxon Mobil chairman Lee Raymond said Monday in a speech in which he outlined some of what he called the "hard truths" about global energy markets.
Raymond, who runs the world's largest publicly traded oil company, said that while other countries, including Russia, will play a growing role in supplying oil to the world, the Middle East will remain the center of supply because it holds as much as half of the world's oil reserves.
"We simply cannot avoid significant reliance on oil and gas from the Middle East because the world's supply pool [of oil] is highly dependent upon the Middle East," Raymond said in a speech at the Woodrow Wilson International Center for Scholars.
The fact that the US and the rest of the world will have to depend increasingly for its oil and also for natural gas from Middle East, "is not a matter of ideology or politics," he said. "It is simply inevitable."
Raymond scoffed at suggestions -- heard commonly among politicians in Washington -- of energy independence.
"We periodically hear calls for US energy independence as if this were a real option," he said. "The fact is, the United States is a part of the world energy market and we must participate and compete in that market."
At a time when relations with some major oil producers such as Saudi Arabia and Venezuela are strained, Raymond said the US must work to "maintain appropriate and constructive relationships with oil-rich countries in the future. They will be very important for our prosperity and our security."
Exxon Mobil earned a record US$21.5 billion last year, nearly double the previous year, and also reported record earnings during the first quarter of this year as crude oil and gasoline prices soared.
Raymond predicted that fossil fuels -- coal, oil and natural gas -- will continue to provide most of the energy for many decades.
The Ministry of the Interior (MOI) is to tighten rules for candidates running for public office, requiring them to declare that they do not hold a Chinese household registration or passport, and that they possess no other foreign citizenship. The requirement was set out in a draft amendment to the Enforcement Rules of the Public Officials Election and Recall Act (公職人員選舉罷免法 ) released by the ministry on Thursday. Under the proposal, candidates would need to make the declaration when submitting their registration forms, which would be published in the official election bulletin. The move follows the removal of several elected officials who were
The Republic of China (ROC) is celebrating its 114th Double Ten National Day today, featuring military parades and a variety of performances and speeches in front of the Presidential Office in Taipei. The Taiwan Taiko Association opened the celebrations with a 100-drummer performance, including young percussionists. As per tradition, an air force Mirage 2000 fighter jet flew over the Presidential Office as a part of the performance. The Honor Guards of the ROC and its marching band also heralded in a military parade. Students from Taichung's Shin Min High School then followed with a colorful performance using floral imagery to represent Taiwan's alternate name
FOUR DESIGNATED AREAS: Notices were issued for live-fire exercises in waters south and northwest of Penghu, northeast of Keelung and west of Kaohsiung, they said The military is planning three major annual exercises across the army, navy and air force this month, with the navy’s “Hai Chiang” (海強, “Sea Strong”) drills running from today through Thursday, the Ministry of National Defense said yesterday. The Hai Chiang exercise, which is to take place in waters surrounding Taiwan, would feature P-3C Orion maritime patrol aircraft and S-70C anti-submarine helicopters, the ministry said, adding that the drills aim to bolster the nation’s offshore defensive capabilities. China has intensified military and psychological pressure against Taiwan, repeatedly sending warplanes and vessels into areas near the nation’s air defense identification zone and across
COVETED PRIZE: The US president would be a peace prize laureate should he persuade Xi Jinping to abandon military aggression against Taiwan, William Lai said US President Donald Trump should get the Nobel Peace Prize should he be able to convince Chinese President Xi Jinping (習近平) to abandon the use of force against Taiwan, President William Lai (賴清德) told a conservative US radio show and podcast in an interview. The US is Taiwan’s most important international backer, despite the absence of formal ties, but since Trump took office earlier this year he has not announced any new arms sales to the nation. Trump could meet Xi at the APEC summit in South Korea on Oct. 31 and Nov. 1. Lai, speaking on The Clay Travis and Buck Sexton
RSS