Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Razorbak who wrote (61591)	3/6/2000 10:58:00 PM
From: Tomas	Read Replies (1) of 95453

The real oil crisis has yet to come David Fleming, a prominent environmental policy analyst, said: ... "Opec's power is going to increase very substantially as the cartel's share of world oil reserves - oil that is still in the ground - moves over the 50% mark. This is happening because non-Opec countries are exhausting their oilfields more quickly." "It is not possible that we can survive that without a dramatic increase in the price of oil", Dr Fleming said - yet leaders in the west "are totally refusing to take this thing seriously . . . this denial is grossly irresponsible". Under Dr Fleming's analysis, the energy crunch in the 70s was eased by the discovery of big new oil fields, but this time round "there are no more Alaskas, there are no more North Seas". From The Guardian, March 2: "Oil Cartel Lights A Match That Could Explode"

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