Analyst lists ways to make US energy independent

22 October 2008 22:57  [Source: ICIS news]

HOUSTON (ICIS news)--The US should promote fuel efficiency, alternative energy and technology to make itself energy independent, an analyst said on Wednesday.

As it is, developing nations have much potential to increase their energy consumption, pressuring global supplies, said Ben Walker, an advanced senior commercial analyst for Marathon.

Walker spoke at the Americas Methanol and Fuels Conference, which was held in Houston by Jim Jordan and Associates, a consultancy.

Each US consumer uses an average of 1.4gal/day (5.3 litres/day) of fuel, Walker said. China uses 0.25 gal/day, and India uses less than 0.10 gal/day.

Energy consumption in the Middle East could also increase, Walker said.

In addition, Saudi Arabia plans to build six cities, projects that could could divert money away from crude oil production, he said.

Moreover, the US is limited in regards to accessing crude oil reserves, Walker said. About 80% of the world's proven oil reserves are controlled by national oil companies.

To make itself less dependent on energy, the US should promote efficiency, which Walker said was the least costly and most effective method of reducing consumption.

In addition, the US should rely on alternative sources of energy as a way of broadening its portfolio, Walker said.

The nation should also promote technology, he said. Many oil and natural gas fields that are in production would have been impossible to develop without recent advances in technology, he said.

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By: Al Greenwood
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