DETROIT - The key to global prosperity is an expanded energy sector protected from price volatility and supply disruptions, G8 energy ministers agreed yesterday.
Herb Dhaliwal, Canada's Minister of Natural Resources, and Spencer Abraham, the U.S. Energy Secretary, also told reporters industrial nations want to encourage energy policies that help the G8 and developing countries.
Speaking at the end of a two-day conference of the world's leading industrialized nations, the G8 ministers agreed stability of oil prices could be achieved by all countries establishing "clear and transparent" investment rules. This would allow oil companies to have confidence to develop untapped resources and reduce dependence on traditional sources now subject to disruption.
"I believe that Canada has a responsibility to ensure that energy is developed in a sustainable way," Mr. Dhaliwal said.
All countries with large energy demands must build up reserves in case of supply problems, the Ministers said.
A communiqué said net oil importing countries need to maintain emergency oil stocks and commit to co-ordinating their use during supply disruptions.
Mr. Dhaliwal said nuclear energy is an important component of future energy requirements.
On Thursday, Mr. Dhaliwal said Canada wants to be regarded as the major single supplier of reliable energy to the United States.
The Ministers' discussions will be taken into account at the June G8 leaders' summit in Alberta.
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