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Politics : The Environmentalist Thread -- Ignore unavailable to you. Want to Upgrade?

To: mistermj who wrote (21210)	4/14/2008 6:51:24 PM
From: Wharf Rat	Read Replies (2) \| Respond to of 36917

Yeah, China is desperate. A few years ago, I posted an article about a coal mine they have under the ocean. Energy is why China has been playing Monopoly with our money, while we play Rome Total War. They are also leaving us in the dust, re renewables. We use 25% of world oil. If China and India become us, the 3 countries will use 9/4 of world oil production. Fears emerge over Russia’s oil output By Carola Hoyos and Javier Blas in London Published: April 14 2008 22:10 \| Last updated: April 14 2008 22:10 Russian oil production has peaked and may never return to current levels, one of the country’s top energy executives has warned, fuelling concerns that the world’s biggest oil producers cannot keep up with rampant Asian demand. The warning comes as crude oil prices are trading near their record high of $112 a barrel, stoking inflation in many countries. Leonid Fedun, the 52-year-old vice-president of Lukoil, Russia’s largest independent oil company, told the Financial Times he believed last year’s Russian oil production of about 10m barrels a day was the highest he would see “in his lifetime”. Russia is the world’s second biggest oil producer. Mr Fedun compared Russia with the North Sea and Mexico, where oil production is declining dramatically, saying that in the oil-rich region of western Siberia, the mainstay of Russian output, “the period of intense oil production [growth] is over”. The Russian government has so far admitted that production growth has stagnated, but has shied away from admitting that post-Soviet output has peaked. Viktor Khristenko, Russia’s energy minister who is pushing for tax cuts that could stimulate investment, said last week: “The output level we have today is a plateau, stagnation.” Russia was until recently considered as the most promising oil region outside the Middle East. Its rapid output growth in the early 2000s helped to meet booming Chinese demand and limited the rise in oil prices. The trend, however, has turned, with supply dropping below year-ago levels for the first time this decade, according to the International Energy Agency, the energy watchdog. Oil futures on Monday rose to $111.79 a barrel, just below last week’s record of $112.21 a barrel. (2 more bucks to a Triple Yergin) ft.com === Gail Tverberg's Talk: Expected Economic Impact of an Energy Downturn (Gail, the Actuary) (25:34 minutes) theoildrum.com