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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: SiouxPal who wrote (467)	6/23/2005 11:14:21 PM
From: Wharf Rat	Respond to of 24212

washingtonpost.com U.S. sees gap in world oil demand, supply for years Reuters Wednesday, June 22, 2005; 10:02 AM WASHINGTON (Reuters) - U.S. Energy Secretary Sam Bodman said Wednesday it will take years to close the gap between increasing world oil consumption and the ability of oil producers to meet that demand. "I think we're going to be measuring this in years, not in months," he said in a speech to the National Petroleum Council. Bodman pointed out that before 2004, world oil demand grew annually at a rate of about 1 million barrels per day. But last year, it rose by about 2.7 million bpd. "Worldwide, the supply of oil is having considerable difficulty keeping pace with growing demand," the energy secretary said, adding that a large part of the increase in oil demand is due to strong economic growth in countries like China and India. Bodman also said as it becomes more difficult for energy companies to find oil, heavier crudes that contain sulfur and take more time to process at refineries will have to meet more world oil demand. "If heavier crude continues to take on a larger share of our oil consumption, we will need to make substantial investments in, and modifications to, our refining assets," he said. Separately, Bodman said U.S. natural gas supplies remain "very tight" and consumers and businesses will face high gas prices from some time. "This is a trend that, as far as I can tell, seems likely to continue," he said. washingtonpost.com