09 December 2010 17:21 [Source: ICIS news]
By Joe Kamalick
WASHINGTON (ICIS)--A new US Senate report challenges claims that China is surging ahead of the US through clean energy development, warning instead that the Beijing government is accelerating economic growth with increasing consumption of oil, natural gas, coal, nuclear and hydroelectric power.
A report issued this week by the minority staff of the Senate Environment Committee contends that “?xml:namespace>
Senator James Inhofe of
“We can’t sit back and let our abundant resources sit idly in the ground while
The report comes a week after the administration of President Barack Obama announced a new moratorium on US offshore drilling. That announcement has come under heavy fire from US energy, petrochemical and general business leaders who charge that US development of much-needed offshore oil and gas resources could be effectively shut down for as long as seven years.
Citing media reports that the
“The reality, which policymakers here must understand, is that it is much bigger than that,” Inhofe said, adding: “
He said that Chinese leaders recognise that wind and solar power can contribute to energy security, “but when considered against the backdrop of
“Non-hydro renewables, despite considerable
The committee’s minority staff report noted that
The Middle Kingdom is the world’s second-largest oil consumer, behind the
However, despite its own increasing domestic production of oil, China imports more than 52% of its oil supply, and by 2020 could be dependent on foreign sources for up to 65% of its crude needs, the report says.
Recognising the threat to its economy and sovereignty by its growing dependence on foreign oil,
Among others, China is investing in and drilling for oil and natural gas in Cuba, Iran,
And while the
The nation’s renewable energy goals will be met almost entirely with nuclear and hydro expansions, the committee report says.
Fossil fuels and nuclear power “will be the engines of growth, and those that possess them, and use them responsibly, will lead the world in technological innovation and economic might”, the study says.
“Policymakers in the
The Senate Environment Committee minority report comes in the wake of a study issued last month by the US Congressional Research Service (CRS) showing that the
That CRS analysis showed that US fossil fuel reserves are 250% higher than those of
“Coal, oil, natural gas, nuclear, hydropower, as well as solar, wind and geothermal - let’s develop them all, and let’s innovate and deploy,” Inhofe said in releasing the committee report.
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