The outlook for the energy industry is positive, some might say, given high commodity prices, growing demand, and a lack of alternatives to oil as the dominant transportation fuel. But it is positive only if having a short-term perspective, Ali Al-Naimi, minister of petroleum and mineral resources for Saudi Arabia, told attendees at the Cambridge Energy Research Associates conference in Houston last month. "A healthy long-term market is one where demand and supply are in balance and there is sufficient spare capacity to ensure the system can handle unexpected surges in demand or disruptions to supply smoothly without sharp price spikes. In my opinion, current tight capacity conditions are not conducive to this outcome." The question facing the oil industry today is whether a balanced market-good fundamentals for both the energy industry and consumers-can be achieved. "I'm convinced the answer is yes, because the two go hand-in-hand. We need each other. I believe the future of our industry is inextricably tied to mankind's aspirations for a better way of life. Without this, our industry stagnates." Better data is crucial, he added, as the industry often commits large amounts of capital based on inaccurate or missing demand information. Environmental matters should be addressed with balance as well, he said. "We should not impoverish people in the name of a cleaner environment. We must always strive to achieve our goals in a manner good for both the environment and the economic well-being of the world's population. "Lowering living standards or limiting people's ability to rise out of poverty in order to improve the environment trades one potential health hazard for another."