April 24th, 2006 06:31 EST
The International Energy Forum in Qatar
DOHA, QATAR - U.S. Secretary of Energy Samuel W. Bodman attended the 10th International Energy Forum (IEF) in Doha, Qatar, today to discuss the need for international efforts to increase individual and global energy security and encourage market stability. Energy Ministers from the world’s major producing and consuming nations were in attendance at the meeting taking place April 23-24, 2006.
“In order to sustain the strong global economic growth we’ve seen in recent years, consumers and producers must work together to encourage transparency and stability in the market and ensure the availability of reliable and affordable energy supplies now and in the future,” Secretary Bodman said. "By being responsible market participants, enacting sound policies and fostering greater coordination through the sharing of data and information, we will serve our people and the world economy well.”
During the ministerial, Secretary Bodman delivered remarks that stressed that it is the responsibility of all market participants to be transparent and forthright in their discussion about policies and actions particularly in times of high volatility. He also stressed that as responsible market participants all nations should enhance the physical security of their energy infrastructure and work together to mitigate the impacts of any future supply disruptions.
Secretary Bodman also discussed the need for both consuming and producing nations to enact policies that will encourage growth and encourage long term market stability. Such policies include new investment and infrastructure expansion by producers to meet growing world demand. These policies must foster positive investment climates that preserve the sanctity of contracts and ensure regulatory certainty and stable tax regimes.
The secretary also stressed that it was in the mutual interest of both consumers and producers for all nations to diversify their energy portfolios to include more renewable and alternative energy sources. To highlight the efforts of the U.S., Secretary Bodman discussed the Advanced Energy Initiative, announced by President Bush earlier this year. Secretary Bodman emphasized that the diversification of energy sources would inherently improve individual and global energy security, reduce pressure on energy markets and help to improve the sustainability valuable natural resources.
Lastly, Secretary Bodman discussed the importance of enhanced cooperation and coordination by producers and consumers. The secretary emphasized the need for all nations to help make the Joint Oil Data Initiative (JODI) sponsored by IEF, a success. JODI is a critical part of the effort to ensure market transparency and the availability of reliable data on which investors can base sound decisions. He also emphasized that consumers and producers must work together to facilitate open access to markets, encourage investment and development and foster international trade.