Oil Scene

Is energy still the fuel for global economic growth and prosperity? Could this civilization be termed as fossil fuel driven? Yes, most would concede. But if the World Energy Council is to be believed, it may not be so

What does this mean? Apparently the fact that energy is not the reason, or to be on safe side the sole major cause, of driving the global GDP. This is significant! It turns the very phrase, that we live in a fossil fuel driven civilization, almost upside down. Doucet accepts. He conceded that the issue was a subject of fierce debate within the global energy fraternity. And if the above deductions are true, it has some major and significant implications for this energy rich region. Food for thought for the economic managers in Riyadh too.

In his almost 65 minutes presentation before the select audience, Doucet had other interesting observations too! In this era of globalization, while the world (leaders) appreciate the fact that the world has to be more open to each others products’ (and ideas), Doucet raised the question why it could be hazardous or strategically unacceptable, for any country or region, to be dependent on another country or region for its energy requirements? Why the word interdependence is bad, when viewed in terms of energy, Doucet asked. A million dollar question indeed, with apparently no plausible answer at our level.

MENA FN