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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: kryptonic6	5/25/2005 5:43:26 PM
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U.S. Welcomes Opening of Oil Pipeline May 25, 2005 03:53 PM ET news.moneycentral.msn.com WASHINGTON (AP) - Calling it a magnificent engineering achievement, the State Department warmly welcomed on Wednesday the official opening of the Baku-Tbilisi-Ceyhan oil pipeline, linking the Caspian Sea to the Mediterranean. Spokesman Richard Boucher said the United States has long supported the project and noted that initially it will provide a million barrels a day for world markets. "The BTC pipeline will reinforce the sovereignty and prosperity of Azerbaijan and Georgia," Boucher said. It will further integrate Azerbaijan and Georgia into the international free market economy and promote their development, he added. The project also will advance the goal of developing multiple oil and gas export routes. In addition, it will enhance Turkey's "emerging role as an energy transportation hub and help reduce oil tanker traffic congestion in the Bosporus and Dardanelles straits," Boucher said. U.S. Energy Secretary Sam Bodman attended the opening ceremony in Azerbaijan and read a message from President George W. Bush. The United States supported the project because it diversifies world energy suplies and over the long run may reduce U.S. dependence on oil supplies from the Gulf. The Caspian Sea basin contains 80 billion barrels of oil, nearly 8 percent of the world's remaining reserves. © 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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