U.S. Energy Secretary Samuel Bodman on Monday called on the international community to work together on increasing energy alternatives to oil. Speaking at the Middle East Institute Annual Conference, Bodman acknowledged that global energy demand is predominantly hydrocarbon based, and that consumption is rising. The increased demand can only negatively affect the world economy, he said. This is a global problem and it goes like this: if we are to encourage economic growth around the world, if we are to raise living standards for all people of all nations, the world needs a clean, affordable, diverse energy supply, Bodman said. At present, our world is overly focused on, and overly dependent upon, one source of energy. And that path is unsustainable, he said. Bodman called for an end to purposeful market distortions, such as rationing supply or cutting production. Market interventions have been proven ineffective for controlling prices, he said. I can t stress this enough: the global oil market must be allowed to function in a predictable and transparent way. Citing U.S. initiatives such as the American Competitive Initiative and the Advanced Energy Initiative, which increase funding for research into alternative energy, Bodman proposed a number of areas that should be the focus of study. In particular, he cited the development of commercially competitive cellulosic ethanol, advanced hybrid vehicles, hydrogen fuel cells, solar and wind energy, and clean coal. Bodman also called for an expansion of nuclear energy, and said a proposal by President George W. Bush the Global Nuclear Energy Partnership could provide energy benefits while reducing proliferation risks by repeatedly cycling spent fuel through advanced burner reactors. There are a few key ideas that underpin all these initiatives, Bodman said. That innovation offers the best path to bold, new energy solutions (and) that if we are to make critical advances in this area, we must train enough scientists and engineers to do this important work. The Energy Secretary reached out to oil-producing nations, calling on them to join other nations in researching oil alternatives. The idea of moving toward increased use of alternative energy should not be view as a threat to oil-producing nations, he said. Such a move provides an opportunity to diversify energy industries around the world the introduction of alternatives will actually prolong the life of earth s fossil fuel supply, he said. We can t afford to have any nations sitting on the sidelines here.
