Oil experts forecast a decline in the demand for oil by the U.S., as its new government will be undertaking strategic measures designed to reduce dependency on Middle Eastern oil.
While the U.S. currently depends primarily on crude from Mexico and Canada, Dr. As’ad Jawher, professor of economics at King Abdul Aziz University, said that there was a firm determination by the U.S. to reduce energy consumption, particularly oil from the Middle East.
He added that the naming of Nobel Laureate in Physics Steven Chu as Secretary of Energy designate reflects the orientation of president-elect Obama to search for alternative sources to those from the Middle East.
Jawher concluded that if the proposed initiatives are implemented, the U.S. will cut its import of crude from 12 million b/d to nine or 10 million b/d within four years.
Source: Al-Sharq Al-Awsat, London, January 6, 2009
