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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: sea_urchin who wrote (17713)	3/29/2003 10:47:10 AM
From: sea_urchin	Respond to of 81142

Unfortunately, the article doesn't emphasize the importance of the oil. bbc.co.uk >>>It's not greed that’s driving big oil companies - it's survival. The rate of oil discovery has been falling ever since the 1960's when 47 billion barrels a year were discovered, mostly in the Middle East. In the 70's the rate dropped to about 35 billion barrels while the industry concentrated on the North Sea. In the 80's it was Russia’s turn, and the discovery rate dropped to 24 billion. It dropped even further in the 90's as the industry concentrated on West Africa but only found some 14 billion barrels. In America, always the greediest consumer of oil, production has been falling for 30 years. Americans guzzle 20 million barrels of oil a day, but now they have to import over 60% of it. <<<