The US supports the development of alternative sources of oil and gas, and the Burgas-Alexandroupolis pipeline will hope-fully reduce cost pressure in the oil marketplace, according to a written reply issued by the office of the US state department spokesman to a question posed at Wednesdays daily briefing regarding the agreement reached in Athens earlier in the week between prime minister Costas Karamanlis, Russian president Vladimir Putin and Bulgarian president Georgi Purvanov on the construction of the Burgas-Alexandroupolis oil pipeline.

"The United States supports the development of alternative sources of oil and gas and a market-based system that fosters competition between suppliers," the written statement said.

"The United States welcomes construction of multiple pipelines to provide a commercially viable and environmentally sound way to export Caspian oil and gas to the global market," the statement said, adding that "Burgas-Alexandroupoli can be an important component of this vision, as it demonstrates its commercial viability in a competitive market for export routes that can reduce the transit cost for Russian and Kazakh crude into the world market."

"By bringing increased quantities of oil onto the global oil market, Burgas-Alexandroupolis will benefit consumers, and hopefully reduce cost pressure in the oil marketplace," the statement concluded.