BREAKING NEWS

Council: False energy security sense a risk of US oil boom

By REUTERS

DECEMBER 3, 2012 07:17

WASHINGTON - A surprising US energy production windfall puts the country at risk of ignoring the urgent need to transform its transportation sector to depend less on oil and more on electricity and natural gas, a high-profile group of chief executives and retired military brass warned on Monday.

No matter how much oil is produced domestically, the US economy is vulnerable to the risk of global price shocks caused by unrest or production cuts in the Middle East, they said.

"We caution that the situation has not fundamentally changed, and that it would be dangerous to allow a false sense of security to result in complacency and inaction," the nonpartisan Energy Security Leadership Council said in a report on Monday.

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