The Chinese decided to invite all of the big energy consuming nations to Beijing. The idea behind the conference is to set up a common set of goals like conserving energy and finding alternative energy to cut dependence on oil.
Since much of the demand for oil that has helped push up oil prices is due to China, having the country host the conference was ironic and perhaps even desparate.
One of the US representatives perhaps stated the problem that the oil consuming economies have: “Even under the best circumstances, in my view, only a fraction of any nation’s projected needs can be met through direct ownership of reserves”. He was, in essence, saying that the conference was futile.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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