related products,” Jum'ah said, “from the fuel in our cars, trucks and airplanes, to the fertilizers we use to grow our food, the pharmaceuticals we utilize to treat disease, and the plastics and other petroleum products which enable us to live safer, healthier, more dynamic and more connected lives.” It is no wonder then, that the petroleum industry is impacted by such a wide variety of factors. “Our current energy landscape has been profoundly shaped by sometimes shortsighted actions and policies, in many cases because their implications on energy were ignored, underappreciated or misunderstood,” Jum'ah contended. For example, he said, total conventional energy resources – coal, crude oil, natural gas, and others – are adequate to meet even strong demand growth for many decades to come. “But not all of these energy resources can be utilized,” Jum'ah said, “because of restrictions imposed by policies designed to achieve other economic, political or environmental objectives.” As examples, Jum'ah cited restrictions on exploration activities, permitting requirements that impact vital infrastructure such as refineries and pipelines, extra-territorial investment sanctions on major producers, and extraordinary taxes on refined products, among others. Ignoring political, economic and environmental considerations would be just as problematic as underestimating their impact on energy supplies, Jum'ah said. “Therefore, I would argue that the world must take a more holistic view of energy issues,” he added, “and expand the circle of analysis by considering the impact of any economic or political course of action on energy supplies and security.” --MORE
