Leading gas producers plan Opec-like body

Events are becoming more and more sinister. From Gulf in the Media:

World's leading gas producers are holding consultations on the creation of an Opec-like gas organisation, just as crude oil surged to a record of $ 102 per barrel due to factors ranging from cold weather in Europe and the US as well as Opec president's views that the group will not raise output at its next week meeting. Although Nigeria has abundant natural gas yet to be explored, it is not immediately known whether the country is a party to the said move. Algeria, Iran, Qatar and Russia are holding consultations on the creation of an Opec-like gas structure, with the structure of the organisation being themain topic on the agenda.

Geologist: Earth has lots and lots of oil

A University of Washington economic geologist says there is lots of crude oil left for human use. Eric Cheney said Friday in a news release that changing economics, technological advances and efforts such as recycling and substitution make the world's mineral resources virtually infinite. For instance, oil deposits unreachable 40 years ago can be tapped using improved technology, and oil once too costly to extract from tar sands, organic matter or coal is now worth manufacturing. Though some resources might be costlier now, they still are needed. Cheney also said that gasoline prices today, adjusted for inflation, are about what they were in the early part of the last century. Current prices seem inordinately high, he said, because crude oil was at an extremely low price, $10 a barrel, eight years ago and now fetches around $58 a barrel.

Screw you, OPEC, which includes all eleven member nations, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. For a history on how Arab oil nations hold western countries hostage, read about the Arab Oil Embargo of 1973-1974.