N.L. banks on global oil addiction
Last Updated: Wednesday, June 16, 2010 | 5:33 PM ET
Newfoundland and Labrador isn't heeding U.S. President Barack Obama's call for the world to end its addiction to oil.
"We are wide open for business with plenty of opportunities to grow and develop here," said provincial Natural Resources Minister Kathy Dunderdale speaking at a Newfoundland and Labrador Oil and Gas Industries Association meeting in St. John's Wednesday.
The offshore oil industry is driving the province's economy. Thirty cents of every dollar that the government spends come from the industry.
But Dunderdale said she is not worried about Obama's suggestion that other energy sources must be found. She said the U.S. won't kick its addiction to oil for at least 25 years.
"The world needs it right now because industry can't run without it. We don't have other sources of energy available to us at the moment that have the capabilities to replace oil and gas," she said.
Oil industry leaders at the conference aren't worried either.
"The business is strong. We've got good solid fundamentals. We produce a product that people want and people need and I'm proud to be part of the business," said Glenn Scott, the president of Exxon Mobil Canada.
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